Portal:European Union

Introduction

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The European Union (EU) is a supranational political and economic union of 27 member states that are located primarily in Europe. The Union has a total area of 4,233,255 km2 (1,634,469 sq mi) and an estimated total population of over 448 million. 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.

Containing 5.8% of the world population in 2020, EU member states generated a nominal gross domestic product (GDP) of around US$16.6 trillion in 2022, constituting approximately one sixth of global nominal GDP. Additionally, all EU states except Bulgaria have a very high Human Development Index according to the United Nations Development Programme. 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. 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. Passport controls have been abolished for travel within the Schengen Area. 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. Through the Common Foreign and Security Policy, the union has developed a role in external relations and defence. It maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7 and the G20. Due to its global influence, the European Union has been described by some scholars as an emerging superpower.

In 2012, the EU was awarded the Nobel Peace Prize. The United Kingdom became the only member state to leave the EU, in 2020; ten countries are aspiring or negotiating to join it. (Full article...)

Selected article

The euro (currency sign: ; currency code: EUR) is the official currency of the European Union (EU). Nineteen member states have adopted it, known collectively as the Eurozone (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain). The currency is also used in five further countries with formal agreements and six other countries without such agreements. Hence it is the single currency for over 320 million Europeans. Including areas using currencies pegged to the euro, the euro directly affects close to 500 million people worldwide. With more than €610 billion in circulation as of December 2006 (equivalent to US$802 billion at the exchange rates at the time), the euro is the currency with the highest combined value of cash in circulation in the world, having surpassed the U.S. dollar (USD). Taking official estimates of 2007 GDP, the Eurozone is the largest economy in the world by March 2008 after the USD/EUR exchange rate surpassed 1.56.

The euro was introduced to world financial markets as an accounting currency in 1999 and launched as physical coins and banknotes on 1 January 2002. It replaced the former European Currency Unit (ECU) at a ratio of 1:1. The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the euro zone countries). As an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the Eurozone payment systems.

Selected picture

SS. Cyril and Methodius National Library
The SS. Cyril and Methodius National Library is the national library of Bulgaria. Founded on 4 April 1878, it was named after Saints Cyril and Methodius, who are credited with the creation of the Cyrillic script used in Bulgarian. The building pictured was finished in 1953.

Did you know?

...that within the Eurozone the European Central Bank has the exclusive authority to set monetary policy?

...that Greenland and United Kingdom are the only countries to ever leave the European Union?

Selected city

Stockholm

Stockholm is the capital of Sweden, and consequently the site of its Government and Parliament as well as the residence of the Swedish head of state, King Carl XVI Gustaf. Stockholm has been Sweden's political and economic center since the 13th century. Today it is the largest municipality of Sweden, with a population of 776,000, while the populations of the Stockholm urban area and Metropolitan Stockholm are roughly 1.2 and 1.9 million, respectively. With its location on the east coast of Sweden at the mouth of Lake Mälaren, by the Stockholm archipelago, it is widely renowned for its beauty.

The city is said to have been founded by Birger Jarl in order to protect Sweden from a sea invasion by foreign navies, and to stop the pillage of towns such as Sigtuna on Lake Mälaren. It is also said that the name derives from the spot where a log (stock) pushed into the waters, and following its currents, drifted upon an islet (holm). This location would thus constitute the best location for a harbour for returning ships.

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