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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 is the third-most populous continent after Asia and Africa, with a population of 739â743 million or about 11% of the world's population. Europe, in particular ancient Greece, is the birthplace of Western culture.