The most prominent example of globalization in the first world is the European Union (EU). The European Union is an agreement in which countries voluntarily decide to build common governmental institutions to which they delegate some individual national sovereignty so that decisions can be made democratically on a higher level of common interest for Europe as a whole. The result is a union of 27 Member States covering with roughly 450 million people. In total, the European Union produces almost a third of the world's gross national product and the member states speak more than 23 languages. All of the European Union countries are joined together by a hope to promote and extend peace, democracy, cooperativeness, stability, prosperity, and the rule of law. In a 2007 speech, Benita Ferrero-Waldner, the European Commissioner for External Relations, said, "The future of the EU is linked to globalization...the EU has a crucial role to play in making globalization work properly...". In a 2014 speech at the European Parliament, the Italian PM Matteo Renzi stated, "We are the ones who can bring civilization to globalization".