<human>:  What is the history and current status of the European Union?
<bot>: The European Union (EU) is an economic and political union of 28 member states that are located primarily in Europe. It was established in 1993 following the Maastricht Treaty, which was signed in 1992. The EU operates through a system of supranational independent institutions and intergovernmental negotiated decisions by the member states. It has developed a single market through a standardized system of laws that apply in all member states. The EU has a single currency, the Euro, which is used by 19 of the member states, and is the second-largest and second-most-traded currency in the world. The EU has developed a limited role in foreign policy and maintains limited common policies on trade, agriculture, fisheries, and regional development. As of March 2020, the European Union is the largest economy in the world. It has been instrumental in the development of the world economy, contributing to the overall growth of production, employment, and investment.