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The European Union (abbreviation: EU) is a confederation of 28 member countries in Europe, started in 1957 as the European Economic Community (EEC). It has created a common economic area with Europe-wide laws allowing people to move and trade in other EU countries almost the same as they do in their own.
DEFINITION of 'European Union-EU'. A group of European countries that participates in the world economy as one economic unit and operates under one official currency, the euro.The EU's goal is to create a barrier-free trade zone and to enhance economic wealth by creating more efficiency within its marketplace.EFINITION of 'European Union-EU'. A group of European countries that participates in the world economy as one economic unit and operates under one official currency, the euro.