MiCA Papers

European Union (EU)

A political and economic union of 27 member states that are located primarily in Europe.

The European Union was established in November of 1993 with the signing of the Maastricht Treaty. The EU’s goal is to promote economic cooperation and integration among its member states, as well as to advance peace, security, and stability in Europe.

The EU’s institutions include, among others, the European Commission, the European Parliament, the Council of the European Union, and the European Council. The European Commission is the executive branch of the EU, responsible for proposing and implementing legislation and policies. The European Parliament is the legislative branch, made up of elected representatives from each member state. The Council of the European Union represents the governments of the member states, and the European Council is made up of the heads of state or government of the member states.

The EU operates a single market, which allows for the free movement of goods, capital, services, and people among the member states. It also has a common currency, the Euro, which is used by a majority of the member states. Additionally, the EU has a common trade policy, and negotiates trade agreements with other countries on behalf of its member states.

In summary, the European Union is a political and economic union of 27 European countries that work together in order to achieve common goals such as peace, security and prosperity, it is also responsible for the creation of a single market, the euro currency and a common foreign policy among other things, the EU is a supranational entity, meaning that its member states share sovereignty in certain areas and work together to achieve common goals.

EU Countries

Through successive enlargements, the European Union has grown from the six founding states (Belgium, France, West Germany, Italy, Luxembourg, and the Netherlands) to the following 27 member states:

  • Austria
  • Belgium
  • Bulgaria
  • Croatia
  • Republic of Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Ireland
  • Italy
  • Latvia
  • Lithuania
  • Luxembourg
  • Malta
  • Netherlands
  • Poland
  • Portugal
  • Romania
  • Slovakia
  • Slovenia
  • Spain
  • Sweden

See also

UpdatedApr 20, 2023