WORLD HISTORY

Detailed explanation-1: -EU policies aim to ensure the free movement of people, goods, services and capital within the internal market; enact legislation in justice and home affairs; and maintain common policies on trade, agriculture, fisheries and regional development. Passport controls have been abolished for travel within the Schengen Area.

Detailed explanation-2: -The euro has eliminated the costs of exchange rate fluctuations within the euro area. This protects consumers and businesses within the euro area from costly swings in currency markets, which, in some countries, used to undermine confidence, discourage investment and cause economic instability.

Detailed explanation-3: -The EU treaties specify who can pass laws in what areas: the EU, national governments or both. EU countries are responsible for making their own decisions and laws in certain areas of national policy like industry, health and education. In these areas, the EU only provides support to national governments.

Detailed explanation-4: -The European Union’s GDP estimated to be around $16.6 trillion (nominal) in 2022 representing around one sixth of the global economy.