EUROPEAN UNION (EU) HISTORY OF THE EUROPEAN UNION

- The European Union (EU) is a political and economic alliance of 27 countries. - The EU traces its roots to the European Coal and Steel Community,
- Which was founded in 1950 and had just six members:
- It promotes democratic values in its member nations and is one of the world's
most powerful trade blocs. 1. Belgium
2. France
- Nineteen of the countries share the euro as their official currency. 3. Germany
4. Italy
IN 2021 5. Luxembourg
EU Gross Domestic Product (GDP) totaled $15.49 trillion (14.45 trillion euros). 6. Netherlands.
U.S. Gross Domestic Product (GDP) totaled US $23 trillion.
- It became the European Economic Community in 1957 under the Treaty of
Rome and subsequently was renamed the European Community (EC)

What Is Brexit?
Creation of a Common Market
Brexit is a portmanteau of the words British and exit that was coined to refer to
In 1986, the Single European Act embarked on a six-year plan to create a
the U.K.'s decision in a June 23, 2016, referendum to leave the European Union
common European market by harmonizing national regulations.
(EU). Brexit took place at 11 p.m. Greenwich Mean Time, Jan. 31, 2020.
The euro debuted as a common single currency for participating EU members on
Brexit took place on Jan. 31, 2020, following the June 2016 referendum in the
January 1, 1999.
country.
Denmark and the U.K. negotiated "opt-out" provisions that permitted countries
The Leave side received 51.9% of the vote while the Remain side got 48.1%.
to retain their own currencies if they chose.
Negotiations took place between the U.K. and the EU between 2017 and 2019 on
the terms of a divorce deal.
There was a transition period following Brexit that expired on Dec. 31, 2020.

On Dec. 24, 2020, the U.K. and the EU struck a provisional free-trade
agreement ensuring the free trade of goods without tariffs or quotas.
 UK BRITAIN

REASONS WHY UK VOTED TO LEAVE EU

1. SOVEREIGNITY
2. IMMIGRATION
3. ECONOMIC INDEPENDENCE
4. UNEQUAL BENEFITS