A visual explainer to the EU

Synopsis

The European Union is an economic and political union comprising over 500 million people, representing 7.3 percent of the world's population. It generates approximately 24% of global nominal gross domestic product. In 2003, the EU had 15 Member States, but this number has increased to 28. The eurozone functions as a monetary union where Member States have adopted the euro as their common currency. Countries within the Schengen area have eliminated passport controls at their mutual borders, facilitating easier travel. The European Economic Area promotes the free movement of persons, goods, services, and capital within the EU's internal market. The UK is noted as being less integrated into Europe compared to most EU Member States. Additionally, separate agreements exist between the EU and entities like Monaco, San Marino, and the Vatican, allowing them to mint euros.