- 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 cut its forecasts for economic growth in the euro zone for this year largely due to the impact of the war in Ukraine.
- The EU now predicts growth of 2.6% this year for the 19-country currency bloc, slightly less than the 2.7% it had forecast in May.
View all comments