WORLD HISTORY

Detailed explanation-1: -European Union (EU), international organization comprising 27 European countries and governing common economic, social, and security policies. Originally confined to western Europe, the EU undertook a robust expansion into central and eastern Europe in the early 21st century.

Detailed explanation-2: -The OECD and the EU The OECD. The Organisation for Economic Co-operation and Development (OECD) was set up in 1961 by building on the post-war Organisation for European Economic Cooperation (OEEC) established in 1948 to manage the US Marshall Plan for the reconstruction of Europe.

Detailed explanation-3: -The Economic and Monetary Union (EMU) represents a major step in the integration of EU economies. Launched in 1992, EMU involves the coordination of economic and fiscal policies, a common monetary policy, and a common currency, the euro.

Detailed explanation-4: -The Organization for Economic Cooperation and Development (OECD) The Organization for Economic Co-operation and Development (OECD) is a unique forum where the governments of 37 democracies with market-based economies collaborate to develop policy standards to promote sustainable economic growth.

Detailed explanation-5: -The Organisation for European Economic Co-operation; (OEEC) came into being on 16 April 1948.