About EU

• 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 projected that the eurozone economy will grow by 4.8% this year, much faster than the 4.3% expansion it had forecast in May, despite emerging concerns the fast-spreading Delta variant of the coronavirus could lead to new restrictions.
• It also projected higher inflation this year for the 19-nation currency bloc than previously forecast, but estimated consumer prices growth would slow next year.
• The large upward revision is largely due to the reopening of the bloc’s national economies in the second quarter which benefited the services sector and is expected to boost tourism within the EU.

Reference:

1. https://www.reuters.com/world/europe/eu-revises-upward-estimates-euro-zone-growth-inflation-2021-07-07/