the european union has largest economy (gdp) of existing continental unions, , serves model african union , union of south american nations seek follow.
the european union (eu) economic , political union of 28 member states in europe. committed regional integration, eu established treaty of maastricht on 1 november 1993 upon foundations of pre-existing european economic community. european parliament has been created, directly elected citizens of eu. 500 million citizens, eu combined generates estimated 30% share (us$18.4 trillion in 2008) of nominal gross world product.
the eu has developed single market through standardised system of laws apply in member states, ensuring free movement of people, goods, services, , capital. maintains common policies on trade, agriculture, fisheries , regional development. nineteen member states have adopted common currency, euro, constituting eurozone. eu has developed limited role in foreign policy, having representation @ wto, g8, g20 , @ un. enacts legislation in justice , home affairs, including abolition of passport controls agreement between member states form schengen area.
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