EU Vs Eurozone Vs Schengen Area

The European Union (EU)

The European Union (EU) is an economic and political union of 27 member states. Important institutions of the EU 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 aim to ensure the free movement of people, goods, services, and capital, enact legislation in justice and home affairs, and maintain common policies on trade, agriculture, fisheries and regional development.

The Eurozone

The Eurozone officially called the euro area, is an economic and monetary union (EMU) of 17 European Union (EU) member states that have adopted the euro (€) as their common currency.

The Eurozone currently consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain.

Though there is no common representation, governance or fiscal policy for the currency union, some co-operation does take place inside the Euro Group, which makes political decisions regarding the Eurozone and the euro.

The Schengen Area

The Schengen Area is an area comprising 26 European countries (including EU and non-EU states) that have abolished passport and any other type of border controls at their common borders, also referred to as internal borders.

Schengen cooperation enables citizens to cross internal borders without being subjected to border checks. The border-free Schengen Area guarantees free movement to more than 400 million EU citizens, as well as to many non-EU nationals, businessmen, tourists, or other persons legally present on the EU territory.

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