<human>:  How does the European Union work?
<bot>: The European Union (EU) is an economic and political union of 28 European countries that operates through a system of supranational independent institutions and intergovernmental negotiated decisions by the member states. The EU has its own currency, the euro, which is shared by 19 of its members. The EU was created in 1993 through the Maastricht Treaty, which established the European Economic Community. The EU works to promote economic cooperation, establish common standards and laws, provide a common market in services, goods, and capital, ensure security and foreign policy coordination, and ensure the free movement of people throughout the union. Its members are represented in the European Council, the European Commission, and the European Parliament. These institutions develop policies that benefit all EU member states. The EU also cooperates with other international institutions and organizations, such as the United Nations, the World Trade Organization, the International Monetary Fund, and the World Bank.