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  • 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.

The European Union is an economic and political union,

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