European Union. The
economic association of over two
dozen European countries which seek to create a unified, barrier-free
market for
products and
services throughout the continent, as well as a
common currency with a unified authority over that
currency. The European Union was established in 1993 by the Treaty of Maastricht, and was based on the European Economic Community. The EU is formed of three
areas, or pillars, which are the
European Community, Common
Foreign and
Security Policy, and Police and Judicial Co-operation in Criminal Matters.
The EU has a wide variety of legislative bodies, including the European Parliament, the Council of the European Union, and the European
Commission. The European Court of Justice and the Court of
First Instance are the two
main judicial bodies for the European Union. The format and
principles of the EU have their roots in the European Coal and Steel Community, created in the
early 1950s.