The 25 member states of the European union are Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, The Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and United Kingdom.
The EU has a common single market with a customs union, a single currency managed by European Central Bank. There's a Common Agricultural Policy, a common trade policy a common fisheries policy. The activities of the European Union cover everything from health, economic policy, foreign affairs and defence. Its powers differ between areas. Depending on the area in question the EU functions as a federation, confederation or an international organization. If the EU is considered as a single unit, then the European Union has the second largest economy in the world.