European Union Founded, November 1, 1993 The European Union (EU) is a unique political and economic union of 27 member states, primarily located in Europe, with a combined population of over 450 million. It operates an internal single market, allowing the free movement of goods, services, capital, and people across member borders. Key Facts & Figures Member States: 27 countries Combined Population: ~450 million people GDP: Over €18 trillion, representing roughly one-sixth of the global economic output Core Benefits & Functions The Euro (€): The single currency used by 20 of the 27 EU countries, forming the Eurozone. Schengen Area: A border-free travel zone that allows citizens to move freely between member countries without passport controls. Single Market: A standardized system of laws that ensures goods and services face no tariffs or non-tariff barriers, promoting cross-border trade. Main Institutions The EU is governed by several central institutions, which balance both supranational interests and individual member state governments: European Parliament: Elected directly by EU citizens, it passes laws and debates policy. European Council: Composed of the heads of state or government of the member states, it defines the EU’s overall political direction. Council of the European Union: Represents the individual member state governments. European Commission: The executive body that proposes legislation and enforces EU rules. Member States The current 27 member nations include: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden. The United Kingdom is the only country to have officially left the bloc (Brexit) Article is written by Anshu Sharma for Best upsc coaching in bangalore achievers ias classes for upsc notes Call at 9916082261 https://iasachievers.com/