European Union

The European Union (EU) is an economic and political union of 27 member states that are located primarily in Europe. Its members have a combined population of about 513 million, making it the largest economy in the world by nominal GDP. The EU has developed an internal single market through a standardised system of laws which apply in all member states. The EU’s policies aim to ensure the free movement of people, goods, services, and capital within its borders; enact legislation in justice and home affairs; maintain common policies on trade, agriculture , fisheries and regional development ; co-ordinate foreign policy among its members; create a monetary union with binding fiscal rules; establish common citizenship rights for citizens across all countries with freedom to live , work or study anywhere within its area without restrictions . Further integration projects include creation of pan-European defence forces as well as banking & police unions aimed at strengthening collective security.

Since 1957 when six countries signed up for what was then known as the European Economic Community (EEC), membership has grown steadily from 6 original signatories to current total number 28 including latest addition Croatia who joined 1st July 2013 . Each country retains its own sovereignty but agree to abide by certain laws laid out by supranational bodies such as Council Of Ministers representing governments from each Member State & European Commission proposing new regulations based on majority decision amongst other things like setting budget priorities & overseeing implementation thereof etc… Alongside these two main organs there are also various advisory boards made up mostly academics representing various interests ranging from environmental issues industry concerns right through legal matters etc.. As well As direct decisions involving lawmaking most Members States benefit economically via access into shared markets where they can more easily export their products abroad while having less stringent safety standards imposed upon them than if trading outside block thus allowing easier entry into lucrative global markets thereby helping increase overall wealth levels throughout continent especially poorer eastwards regions recently admitted since 2004 -2013 wave enlargement process bringing Estonia Latvia Lithuania Poland Hungary Czech Republic Slovakia Slovenia Bulgaria Romania Malta Cyprus along with previously mentioned Croatia totaling currently 28 nations sharing same currency Euro except few exceptions UK Denmark Sweden who chose not retain this particular condition though still very much part Union itself !