The European Union (EU) is a sui generis political body, made up of twenty-seven member states, the majority of which are located in continental Europe. It was established in 1993 by the Treaty on European Union (The Maastricht Treaty) and is the de facto successor to the six-member European Economic Community founded in 1957. Since then new accessions have raised its number of member states, and competences have expanded. As a result, the EU can be described as both a supranational and intergovernmental body. The EU is the largest economic and political entity in the world, with a total population of 494 million and a combined nominal gross domestic product (GDP) of €11.6 (US$14.5) trillion in 2006.[1] The Union is a single market with a common trade policy,[2] a Common Agricultural/Fi...more >>sheries Policy, and a Regional policy to assist underdeveloped regions.[3] It introduced a single currency, the euro, adopted by thirteen member states. The EU initiated a limited Common Foreign and S