![]() Due to its global influence, the European Union has been described by some scholars as an emerging superpower. It maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7 and the G20. Through the Common Foreign and Security Policy, the union has developed a role in external relations and defence. The eurozone is a group composed of the 20 EU member states that have fully implemented the economic and monetary union and use the euro currency. Passport controls have been abolished for travel within the Schengen Area. EU policies aim to ensure the free movement of people, goods, services and capital within the internal market enact legislation in justice and home affairs and maintain common policies on trade, agriculture, fisheries and regional development. Its cornerstone, the Customs Union, paved the way to establishing an internal single market based on standardised legal framework and legislation that applies in all member states in those matters, and only those matters, where the states have agreed to act as one. ![]() Additionally, all EU states except Bulgaria have a very high Human Development Index according to the United Nations Development Programme. Ĭontaining 5.8% of the world population in 2020, the EU generated a nominal gross domestic product (GDP) of around US$16.6 trillion in 2022, constituting approximately one sixth of global nominal GDP and the third-biggest global economy after the United States and China. The EU has often been described as a sui generis political entity (without precedent or comparison) combining the characteristics of both a federation and a confederation. The union has a total area of 4,233,255 km 2 (1,634,469 sq mi) and an estimated total population of over 448 million. The European Union ( EU) is a supranational political and economic union of 27 member states that are located primarily in Europe. ![]()
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