European Union: A Supranational Political and Economic Powerhouse

Introduction

The European Union (EU) is a supranational political and economic union of 27 member states located primarily in Europe. It is a unique entity that combines the characteristics of a nation-state with those of an international organization.

Key Features of the EU

The EU is distinguished by several key features:

• Supranationality: The EU has limited but significant powers that transcend those of its individual member states. Decisions made by EU institutions are binding on all members.
• Political Integration: The EU has developed a comprehensive institutional framework, including the European Commission, European Parliament, and European Council, which collectively govern and legislate for member states.
• Economic Integration: The EU has established a single market, eliminating trade barriers and promoting free movement of goods, services, capital, and labor. It also administers a common currency, the euro, used by 19 member states.
• Common Principles and Values: The EU is founded on shared principles of democracy, human rights, and the rule of law. These principles guide its policies and decision-making.