The European Union (EU) is a political and economic union comprising 27 member states located primarily in Europe. Founded in its current form by the Maastricht Treaty in 1993, the EU aims to foster economic integration, political cooperation, and social cohesion among its members. It operates a single market with standardized laws, a customs union, and shared policies on trade, agriculture, and regional development. The euro is the common currency for 20 of its members, making the EU a key player in global economic and geopolitical affairs.