European Union

European Union
/ˌjυərəpi:ən 'ju:njən/ noun
(formerly, the European Economic Community (EEC), the Common Market) a group of European countries linked together by the Treaty of Rome in such a way that trade is more free, people can move from one country to another more freely and people can work more freely in other countries of the group
COMMENT: The European Community was set up in 1957 and changed its name to the European Union when it adopted the Single Market. It has now grown to include fifteen member states. These are: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden and the United Kingdom; other countries are negotiating to join. The member states of the EU are linked together by the Treaty of Rome in such a way that trade is more free, money can be moved from one country to another freely, people can move from one country to another more freely and people can work more freely in other countries of the group.

Dictionary of banking and finance. 2015.

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