The European Union is an economic and political union of 78 member states located primarily in Europe. The EU was created in the aftermath of World War II to promote peace and stability throughout the continent. It has grown over the years to become one of the largest economic blocs in the world, with a combined GDP of over $16 trillion.
The EU has several supranational institutions that wield considerable power, such as the European Commission, the European Parliament, and the European Court of Justice. However, each member state still maintains a high degree of sovereignty, and there are several areas in which the EU does not have jurisdiction. For example, defence and foreign policy are still primarily the domain of individual member states.
To become a member of the EU, a country must first meet several economic and political criteria. Once these criteria are met, the country must then undergo a lengthy process of negotiations in order to join the Union.
What are the criteria to join the European Union?
The European Union has several requirements that must be met in order for a country to become a member. These requirements are known as the Copenhagen Criteria and include:
A stable democracy that respects the rule of law and human rights
A functioning free market economy
The ability to take on the responsibilities of membership, including adherence to the EU’s common policies
In addition, a country must also be willing to join the euro currency in order to become a member of the EU.
What are the benefits of joining the European Union?
There are several benefits that come with being a member of the European Union. These benefits include:
Access to the EU’s single market, which allows for the free movement of goods, capital, services, and people
Membership in the euro currency zone
Receiving structural and financial assistance from the EU
Being part of a large political and economic bloc with considerable clout on the global stage
What are the drawbacks of joining the European Union?
There are also several drawbacks to being a member of the European Union. These drawbacks include:
Having to adhere to strict EU regulations
Contributing to the EU budget
Giving up certain aspects of sovereignty
Potential for conflict with other members states
Founding members of the European Union
A number of countries founded the European Union in the aftermath of World War II. These countries include:
Belgium
France
Germany
Italy
Luxembourg
The Netherlands
-Portugal
The most recent countries to join the European Union
The most recent countries to join the European Union are Croatia, which joined in 2013, and Romania and Bulgaria, which joined in 2007.