- The European Union was established in 1993 and comprises 27 European nations.
- Following the Maastricht Treaty, also known as the Treaty of the European Union (TEU), the EU came into force.
- 28 nations ratified the treaty, and it entered into force in 1992. Recently, Britain exited the treaty.
- It is an economic and political bloc of 27 countries; 19 countries use the EURO as their official currency.
- The EU has developed an internal single market through a standardized system of laws that apply in all member states in matters where members have agreed to act as one.
Source: The Hindu