European Union has strengthened since its inception in the year 1951 with just six member nations to start with. With the recent introduction of ten more nations, its present strength is 25, accounting for a population of 455 million with around 28% share of world GDP and 20% share of global trade.

Euro has gained in value and has matured into a strong currency which has the potential to challenge the supremacy of the dollar in years to come. But there are still many obstacles to overcome for a true unification of European Union to take place.

European Union (EU) has been formed on the basis of the Maastricht Treaty in the year 1992. This treaty had as its long-term goal, the economic and monetary unification of the member states of Europe. These nations preferred peace and cooperation between them, in place of prolonged wars and conflicts of the past.

Maastricht Treaty aims at economic and political integration between the member states of the European Union, through common policies in areas like agriculture, competition, trade, commerce and industry and environmental issues. Even highly emotive and sensitive issues like defense, justice and home affairs are envisaged to be the subject matters of cooperation under this treaty, though there are still divergent views between some member nations, as to the desirability of imposition of uniform policies. Evidently member nations have exhibited greater readiness for cooperation in economic issues rather than non-economic issues.

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