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EU abbreviation of "European Union," an economic and political union of twenty-seven democratic countries formed from the European Economic Community in 1993. The union currently consists of the member states Austria, Belgium, Bulgaria, the Czech Republic, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
euro the primary currency unit of the European Union and the sole currency, in 2014, of eighteen participating member states: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. One euro equals one hundred cents. [2 definitions]