A regional organization created in 1958 providing for the gradual elimination of customs duties and other intraregional trade barriers, a common external tariff against other countries and gradual adoption of other integrating measures, including a Common Agricultural Policy and guarantees of free movement of labor and capital. Formerly called the European Community (EC), the organization became the European Union in January, 1994. Since 1967, common institutions, the EU Commission, the EU Council, the European Parliament and the Court of Justice, have served members of the EU. On January 1, 1999 the EU launched a single European currency called the euro, which most member countries have adopted. With 15 members (Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, UK), the Union plans to expand membership in coming years, including Southern and Eastern European Countries. 


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