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European Economic Community. The European Economic Community (1957-2009) was an intergovernmental organization in Europe. In 1967 the institutions of the European Coal and Steel Community and Euratom were merged with those of the Economic Community. This meant that while they technically continued to exist separate from each other they were governed together as a single personality under the name of the European Communities.
DEFINITION of 'European Union - EU'. The European Union (EU) is a group of 28 countries that operates as a cohesive economic and political block. Nineteen of the countries use the euro as their official currency. The EU grew out of a desire to form a single European political entity to end the centuries of warfare among European countries that culminated with World War II, which decimated much of the continent.