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European Union |
Also found in: Encyclopedia, Wikipedia, Hutchinson | 0.32 sec. |
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European Union (EU) An economic association of European countries founded by the Treaty of Rome in 1957 as a common market for six nations. It was known as the European Community until January 1, 1994 and currently comprises 15 European countries. Its goals are a single market for goods and services without any economic barriers, and a common currency with one monetary authority. European Union A supranational economic and political organization consisting of the majority of the countries in Europe. While it lacks the authority of a federal union, it provides a common market and free trade between members. Importantly, it created and operates the euro, which is one of the most important global currencies. See also: European Central Bank. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Widening refers to the adding of more member states, from the six original members in 1951 to the current EU 27. |
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