munKNEE.com Your Key to Making Money
…The European member states are countries mainly in Europe, and three outside, that are part of one or more of the four major treaty groups, namely the European Union (EU), NATO, Schengen, and eurozone, each…governing a different aspect of the region’s infrastructure. Let’s take a look at each of them.
European Union
The European Union (EU) is a unique economic and political union between 27 European countries.
NATO
The North Atlantic Treaty Organization (NATO) exists for the sole purpose of facilitating a political and military alliance between its 30 member countries.
The chronological timeline of NATO’s expansion since its establishment paints a fascinating picture.
As of 2021, NATO officially recognizes three aspiring NATO members: Bosnia and Herzegovina, Georgia, and Ukraine. Ukraine has voiced its desire to join NATO since 2014 but hasn’t met its political and military criteria.
Eurozone
The eurozone is a geographic and economic region that consists of countries that have adopted the euro as their national currency. Approximately 340 million people live in the euro area consisting of 19 countries of the 27 countries European Union.
European Union nations that decide to participate in the eurozone must meet a multitude of financial requirements. They include price stability, sound public finances, the durability of convergence, and exchange rate stability. Not all countries have to adopt the currency, though. For example, Denmark has a special opt-out clause to use its own currency and maintain its financial independence.
Schengen
The Schengen Area comprises 26 European countries that agreed to create common entry and exit requirements to remove the need for internal borders. This allows travellers up to 90 days of visa-free travel to any of the countries in the Schengen Area.
The border-free Schengen Area guarantees free movement to more than 400 million EU citizens, along with non-EU nationals living in the EU or visiting as tourists, exchange students, or for business purposes.
Monaco, Vatican City, and San Marino also have open borders with Schengen area countries even though they aren’t part of the treaty.
The above version of the original article by Anshool Deshmukh (visualcapitalist.com) was edited [ ] and abridged (…) to provide you with a faster and easier read. Also note that this complete paragraph must be included in any re-posting to avoid copyright infringement.
