The European Union (EU) is an Organization for international cooperation among European countries. It is an International economic community of European countries. It embraces twenty seven countries. Tracing its history, it was formed thanks to the Maastricht Treaty that was signed in 1992. The historical roots of the European Union go back to the 1950s. It aims at delegating some of their sovereignty so that decisions on specific matters of joint interest can be made democratically at European level. It is not considered a federal union; it introduces, in fact, a unique political system world wide.
The EU sets up common institutions. It, primarily, creates a single market, introducing a common currency, the EURO, which has become the currency of 13 countries out of 27 members. It maintains a common trade, agricultural and fisheries policy.
The EU members celebrated in March 2007 its formation that goes back to 50 years by signing the Treaty of Rome.