European Union (EU) is an international organization comprising 27 European countries and governing common economic, social and security policies. The union was created by the Maastricht Treaty which entered into force on 1st November 1993.
The Maastricht Treaty was designed to enhance European political and economic integration by creating a single common currency (the Euro), a unified foreign and security policy, and common citizenship rights and by advancing cooperation in immigration, asylum, and judicial affairs.
At the end of World War II, several western European countries sought closer economic, social, and political ties to achieve economic growth and military security and to promote a lasting reconciliation between France and Germany. Hence, in 1951, the leaders of six countries – Belgium, France, Italy, Luxemburg, the Netherlands, and West Germany – signed the Treaty of Paris.
The European Union has developed a single market through a standardized system of laws, which applies to all member countries, ensuring the free movement of people, goods, services, and capital.
The United Kingdom, a founding member of the European Union, left the organization in 2020.
Objectives of the European Union
- To promote economic development and economic stability in the region.
- To increase the level of life standard of EU citizens.
- To enhance closer ties among the member states and the states outside of its territory.
- To create harmony in economic policies and to establish a common European market.