The European Union was established on November 1st, 1993 by the Treaty of Maastricht upon the foundations of the pre-existing European Economic Community. With around 500 million citizens, the EU combined generates an estimated 30% share (US$19.1 trillion in 2009) of the nominal gross world product.

The EU has developed a single market through a standardised system of laws which apply in all member states, guaranteeing the freedom of movement of people, goods, services and capital. It maintains common policies on trade, agriculture, fisheries, and regional development. Sixteen member states have adopted a common currency, the euro. It has developed a role in foreign policy, representing its members in the World Trade Organisation, at G8 summits, and at the United Nations.

Twenty-one EU countries are members of NATO. The EU has developed a role in justice and home affairs, including the abolition of passport controls between many member states which form part of the Schengen Area, which also incorporates some associated European non-EU countries.

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