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DEFINITION of 'European Union-EU'. A group of European countries that participates in the world economy as one economic unit and operates under one official currency, the euro. The EU's goal is to create a barrier-free trade zone and to enhance economic wealth by creating more efficiency within its marketplace. Next Up.
Europe (/ËjÊÉrÉp/ or /ËjÉrÉp/) is a continent that comprises the westernmost part of Eurasia.Europe is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, and the Mediterranean Sea to the south.urope (/ËjÊÉrÉp/ or /ËjÉrÉp/) is a continent that comprises the westernmost part of Eurasia.