About European Union 

• The European Union (EU) is a unique economic and political union between 27 European countries.
• The United Kingdom, which had been a founding member of the EU, left the organization in 2020.
• The EU was created by the Maastricht Treaty, which entered into force on November 1, 1993. The treaty was designed to enhance European political and economic integration by creating a single currency (the euro), a unified foreign and security policy, and common citizenship rights and by advancing cooperation in the areas of immigration, asylum, and judicial affairs.
• Additionally, the Treaty of Lisbon, enacted in 2009, gave the EU more broad powers that included being authorized to sign international treaties, increase border patrol, and other security and enforcement provisions.
• EU’s headquarters is currently located in Brussels, Belgium.
• Currently, the euro is the official currency of 19 out of 27 EU member countries which together constitute the Eurozone, officially called the euro area.

Why in News?

• The European Union has unveiled a €750 billion plan to boost economies affected by the coronavirus crisis.
• Under the proposal, the EU would borrow the funds from the market and then disburse two-thirds in grants and the rest in loans to cushion the unprecedented slump expected this year due to the coronavirus lockdowns.
• The plan has to be approved by all 27 member states and the European Parliament.
• The borrowing will ultimately have to be repaid, meaning higher national contributions to the EU budget in the future or new taxes assigned to the bloc.