The European Union (EU)
The European Union (EU) is an economic and political union consisting of 27 member states. Key institutions include the European Commission, the Council of the European Union, the European Council, the Court of Justice of the European Union, and the European Central Bank.
EU policies focus on facilitating the free movement of people, goods, services, and capital. They also enact legislation in justice and home affairs and maintain common policies in areas such as trade, agriculture, fisheries, and regional development.
The Eurozone
The Eurozone, or euro area, is an economic and monetary union comprising 20 EU member states that have adopted the euro (€) as their common currency. These countries include Austria, Belgium, Cyprus, Croatia, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
While there is no centralized representation or fiscal policy for the Eurozone, cooperation occurs within the Euro Group, which makes key political decisions regarding the euro and the currency union.
The Schengen Area
The Schengen Area includes 26 European countries (both EU and non-EU) that have eliminated passport and border controls at their mutual borders, known as internal borders. This cooperation allows citizens to travel freely across these borders without undergoing border checks.
The Schengen Area facilitates the movement of over 400 million EU citizens, as well as many non-EU nationals, including businessmen, tourists, and others legally present in the EU.