The European Union, EU, is an economic and political association, formed by 28 countries, which was created with the objective of promoting the integration and common government of the states and peoples of Europe.
In 1958 Germany, Belgium, France, Italy, Luxembourg and the Netherlands formed the European Economic Community, EEC, to improve their economic cooperation. In November 1993, a single market was created and with the implementation of the Treaty on European Union, the EEC gave way to the EU.
In 2009, with the Treaty of Lisbon, the Union developed a single legal and political system and is now a hybrid system of transactional governance.
All EU activities are based on treaties, agreed voluntarily and democratically by all member countries.
The European Union has created the euro, the single European currency, and has eliminated border controls between its member countries, allowing the free movement of goods, services, people and capital.
Its main institutions are:
- European Parliament: together with the European Council, it exercises legislative power.
- European Council: exercises functions of general political orientation and external representation, in addition to appointing the heads of the high constitutional institutions.
- European Commission: it applies Union law, supervises compliance with it and implements its policies. It has exclusive legislative initiative before the Parliament and the Commission.
- Court of Justice of the European Union: exercises the supreme jurisdictional functions in the Community legal system.
- Court of Auditors: supervises and controls the proper functioning and administration of Community finances and funds.
- European Central Bank: directs and implements the single monetary policy of the euro zone.
You can see the main economic variables of the EU members in: data of the countries of the European Union