EU stands for the European Union, a political and economic union of 27 member states located primarily in Europe. The EU was established on November 1, 1993, by signing the Maastricht Treaty. The association has its governance system with a European Commission, European Parliament, and a Council of the European Union.
The EU's main objectives are to promote peace, stability, and economic prosperity across its member states. It has created a single market with the free movement of goods, services, people, and capital. The EU also has a common currency, the euro, used by 19 member states.
The EU has significantly shaped global policies on trade, climate change, and human rights. It is one of the largest economies in the world, with a combined GDP of over $15 trillion. In addition, the EU has over 447 million people, making it the third-largest population after China and India.