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EU stands for the European Union. It is basically a union of 27 states which are located in Europe. It stands for political and economic organization for these member states.
European Union was formed in the year 1993, as a replacement of European Economic Community. The aim of this organization is capitalizing on the population of the 27 member states of EU, as the combined population is around 500 million. It also wants to capitalize on the 30 percent share of these countries in the nominal GDP.
EU strives for European dominance at the political and economic front around the world. It aims to develop a single market of Europe. The path to this market is being achieved by application of same laws, free of movement, common trade policy, common currency, etc.
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