The European Union (EU) is a political and economic alliance comprised of 27 member states representing a collective population of over 450 million people. As an entity, the EU is committed to upholding shared democratic values and promoting policy initiatives to guarantee the highest levels of human rights protection and economic security throughout Europe. As a result, the EU has become a leader in the global economy and an important partner to many countries around the world.

The EU uses the euro as its official currency, a shared asset which is used by 19 of its member states known as the eurozone. This allows for greater mobility of goods, services, and people between the eurozone members, and facilitates greater economic integration across the entire region. Additionally, the EU plays an important role in global trade agreements and has been successful in negotiating several major free trade agreements across the globe. The EU has also established a single European market and has greatly simplified cross-border travel for both citizens and businesses.

In recent years, the EU has expanded its membership to include many of the countries that were former allies of the Soviet Union. This has been an effort to reverse the negative effects of the Soviet Union's negative legacy and to promote democratic values throughout the entire region. Additionally, the EU has widely accepted refugees from countries around the world and provided them with resources and opportunities to rebuild their lives.

Perhaps the most well-known event surrounding the EU in recent years has been the 2016 referendum commonly referred to as Brexit. After a period of considerable uncertainty, the UK eventually voted to leave the EU in 2020, creating a rupture between Britain and the EU and redefining the relationship between the two entities.

In summary, the European Union is a powerful political and economic alliance of 27 member states, strengthened by the common use of the euro and the shared commitment to upholding shared democratic principles. This union has allowed for increased global mobility, a strong European market, and an important platform for conducting international trade agreements. The UK’s departure from the EU, while challenging, is unlikely to permanently undermine the overall strength and success of the EU.