• The European Union was established in 1993 and is a global entity comprising 27 nations from Europe. 
  • Following the Maastricht Treaty, also known as the Treaty of the European Union (TEU), the EU came into force.
    • The treaty was ratified by 28 nations, and it entered into force in 1992. Recently, Britain exited the treaty.
  • It is an economic and political bloc, out 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