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 before 1993 and is comprised of 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. The EU was known as the European Community until January 1, 1994.

• Abbreviated EU. A significant economic force currently made up of 15 nations that permit free trade within the union.

 Embedded terms in definition
 Common market
Free trade
 Related Terms
 Customs union
Economic union
European currency unit
European monetary system
European open market
European option
European style option
Monetary union

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