The EU or the European Union is a political and economic union which is composed of 27 states and is specifically located at Europe. This Union is committed to the Regional Integration and was established on November 1, 1993 through the Treaty of Maastricht and upon the European Economic Community Foundations.
The EU caters about 500 million citizens. This Union generates approximately a share of 30% specifically at $18.4 trillion during the year 2008 through the Nominal Gross World Product. It also has 22% of shares at the PPP Gross World Product with the specific share amount of $15.2 trillion during the year 2008.
The European Union had created a single market using a standardized system of law which is due implemented through all the Union state members. It ensures the liberty of people movement, capital, goods, and the services. It also maintains usual trade of policies such as the development of regions, fisheries, and the agricultural matters. Through constituting the Euro zone, the 16 members of the Union had adopted the usual currency of the state which is the euro dollar.
The stated Union had created a limited part on the foreign policy which is through acquiring a representation at the UN or United Nations, G-20 Major Economies, G8, and on the Word Trade Center. Including the abolitions on controlling the passport through the Schenegen in between the 3 non-EU states and the 22 EU, the European Union enacts as legislation of justice.
The European Union executes using a hybrid system of the Intergovernmentalism and the Super nationalism as an International organization.
In some senses, Union decisions are created through meetings and negotiations between the members of the Union while in other senses, the Independent Supranational Institutions are liable even without requirements for the purpose of Unanimity in between the Union state members.
The European Bank, the Court of Justice of the European Union, the European Council, the Council of the European Union, and as well as the European Commission are the fundamental Institutions of the European Union.
After 5 consecutive years, the European Parliament is elected of course by the Union state members as to whom will the Citizenship of the European Union be assured.
Through the European Steel and Coal Community the European Union traced its origins which had been formed on the year 1951 through 6 countries. In the year 1957, the Treaty of Rome had also been formed through the same states as well. Since the stated events, the European Union had gone very influential and it is through the certain Union enlargement and as well as grown in power through the additional policy that it remitted towards its zone of concern.