Here are a few facts about the European Union (EU), which caused some kind of a revolution in the FOREX world.

It is a union of twenty-five independent states based on the European Communities and founded to enhance political, economic and social co-operation. It is formerly known as the European Community (EC) or European Economic Community (EEC).

Date of foundation: 1st November, 1993. New members since 1st January, 1995: Austria, Finland, Sweden. For the ten new members as of 1st May, 2004, see below.

Member states (EUR: Euro currency in the FOREX market):

Austria (EUR)
Belgium (EUR)
Denmark (independent currency)
Finland (EUR)
France (EUR)
Germany (EUR)
Greece (EUR)
Ireland (EUR)
Italy (EUR)
Luxembourg (EUR)
Netherlands (EUR)
Portugal (EUR)
Spain (EUR)
Sweden (independent currency)
United Kingdom of Great Britain and Northern Ireland (independent currency)

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There are five EU institutions:

European Parliament (elected by the peoples of the Member States);
Council of the European Union (representing the governments of the Member States);
European Commission (driving force and executive body);
Court of Justice (ensuring compliance with the law);
Court of Auditors (controlling sound and lawful management of the EU budget).

Other important bodies:

European Economic and Social Committee (expresses the opinions of organised civil society on economic and social issues);

Committee of the Regions (expresses the opinions of regional and local authorities);

European Central Bank (responsible for monetary policy and managing the euro);

European Ombudsman (deals with citizens' complaints about maladministration by any EU institution or body);

European Investment Bank (helps achieve EU objectives by financing investment projects);

Much of the co-operation between EU countries was about trade and the economy, but now the EU also deals with many other subjects of direct importance for our everyday life, such as citizens' rights; ensuring freedom, security and justice; job creation; regional development; environmental protection; making globalisation work for everyone.

The European Union has delivered half a century of stability, peace and prosperity. It has helped to raise living standards, built a single Europe-wide market, launched the single European currency, the euro, and strengthened Europe's voice in the world.

The Euro is a very stable currency and since it was used in the different FOREX markets, it got stronger by the day.