European Union
The European Union
(EU) is a unique political and economic community with supranational and
intergovernmental dimensions. It is composed of twenty-seven member states
primarily located in Europe. In 1957, six European countries formed the
European Economic Community (EEC) by the Treaty of Rome. Since then the EU has
grown in size through the accession of new member states and has increased its
powers by the addition of new policy areas to its remit. In 1993, the
Maastricht Treaty established the base of the current legal framework.
With over 492 million citizens the EU generates an estimated nominal GDP of €8.6 ($10.7) trillion in 2007. It represents its members in the WTO and observes the G8 summits. Twenty EU countries are members of NATO. Important institutions of the EU include the European Commission, the European Parliament, the Council of the European Union, the European Council, the European Court of Justice and the European Central Bank. EU citizens elect the Parliament every five years.
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