European Union

European Union

The European Union (EU) is the economic and political union of 27 member states located in Europe that operates through a series of supranational independent institutions and intergovernmental negotiated decisions by the member states. The origins of the EU can be traced back to the European Coal and Steel Community (ECSC), established 1951, and the European Economic Community (EEC), established 1958 to aid the reconstruction of Europe’s economy after WWII and to guarantee the cooperation of European states in the future. The EU has developed a single market by standardizing laws that apply in all member states as well as by establishing a monetary union in 1999.