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European Union

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ALSO CALLED: EC, European Community, European Economic Community, EU, EEC
DEFINITION: An economic and political union established in 1993 after the ratification of the Maastricht Treaty by members of the European Community, which forms its core. In establishing the European Union, the treaty expanded the political scope of the European Community, especially in the area of foreign and security policy, and provided for the creation of a central European bank and the adoption of a common  … 
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