Abstract

Almost 60 years after its inception as the European Economic Community, the European Union of today is a peculiar construction. It shares common markets for goods and services, capital and labor, freedom of movement for its 500 million citizens, common institutions and an extensive body of common legislation. Several of its Members share the euro as a common currency as well as open borders within the Schengen Area. In these regards, the EU is far more than just an organization to enhance regional cooperation.