Subtitles section Play video Print subtitles The European Union is an economic and political union, with 7.3 percent of the world's population, more than 500 million people. It generates around 24 percent of global nominal gross domestic product. In 2003, there were 15 member states. Today, there are 28. The Eurozone is a monetary union, member states have adopted the euro as their common currency and sole legal tender. Those countries within the Schengen Area, have abolished passports and any type of border control at their mutual borders. The European Free Trade Association operates in parallel with the EU, and all member states participate in the EU single market. The European Economic Area, allows free movement of persons, goods, services and capital within the internal market of the EU. The UK, is already less integrated into Europe than most EU member states. Then there are those nations that are outside of those groups but part of the Council of Europe, which unlike the EU, cannot make binding laws. And separate agreement exists between the EU with Monaco, San Marino, and the Vatican to mint euros.
B1 FinancialTimes eu member union european europe A visual explainer to the EU | FT World 36 4 Kristi Yang posted on 2016/06/20 More Share Save Report Video vocabulary