The European Union (EU) was formed during the cold war to try to get countries to live peacefully together. At first, it was called the European Coal and Steel Community. It then evolved into the European Economic Community (EEC).
They established a rule that meant that tariffs, embargoes, or quotas were not allowed. This led to a better economy. Then, they worked to create jobs in poorer parts of Europe and pass laws to protect the environment. Soon, more countries joined at it became known as the EU.
In the EU, Single Market allowed goods, services, people, and money to move freely through the EU countries. In fact, by 1999 many EU countries had already switched to the euro to make trading easier. With all of these new things in place, countries in the EU can now compete with the US.
The EU was great until the 21 century when terrorist attacks started happening. Many people were fleeing and some countries like Greece were having financial issues. Wealthier countries ended up having to donate money, and in June of 2016, the UK voted to leave the EU.
People were shocked because no country had ever left the European Union, and it was unclear how long it would take for the United Kingdom to actually, leave the EU. The UK officially left the EU on January 31, 2020.
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