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European Union (EU)

The name since 1993 of the former European Community. The EU was formed with twelve members: Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, and the United Kingdom. Austria, Finland, and Sweden joined in 1995. Ten more countries joined in 2004 (Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia). Bulgaria and Romania joined in 2007 and Croatia in 2013. Albania, Montenegro, Serbia, the former Yugoslav Republic of Macedonia, and Turkey are currently official candidate countries for membership. Additionally, the western Balkan countries of Bosnia and Herzegovina and Kosovo are officially recognized as potential candidates.

The United Kingdom is leaving the European Union on 29th march 2019.

Reference: Oxford Press Dictonary of Economics, 5th edt.