The political and economic union of 27 European countries is known as the European Union (EU). Established to foster economic cooperation and political integration, the EU was created to prevent conflicts in Europe and promote collective prosperity. Member countries share a common market, allowing for the free movement of goods, services, people, and capital. The EU also has its own set of institutions, such as the European Parliament and the European Commission, which facilitate decision-making and governance. Additionally, the EU plays a vital role in addressing global challenges, such as climate change and security issues, enhancing cooperation among member states.