European Union

TheEuropean Union(EU) is a supranational political and economic union of 27 sovereign European states, formally established by theTreaty on European Union, signed in 1992 and effective from 1993, which transformed the preexistingEuropean Economic Communityinto a framework for deeper integration beyond economic cooperation.[1][2]Its core objectives, rooted in postwar efforts to avert conflict through interdependence, encompass fostering peace, economic prosperity, and adherence to principles such as democracy and rule of law, though implementation has often prioritized centralization over national sovereignty.[1]The EU's institutions, including the executiveEuropean Commission, the legislativeEuropean Parliament, and the intergovernmentalCouncil of the European Union, exercise binding authority over member states in domains like thesingle market—enabling free movement of goods, services, capital, and persons—and monetary policy for the 21 states using theeurocurrency.[1][3]