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The EU operates through a hybrid system of supranational
independent institutions and intergovernmentally made
decisions negotiated by the member states.[9][10][11]
Important institutions of the EU include the European
Commission, the Council of the European Union, the European
Council, the Court of Justice of the European Union, and the
European Central Bank. The European Parliament is elected
every five years by EU citizens.
The EU has developed a single market through a standardised
system of laws which apply in all member states including the
abolition of passport controls within the Schengen area.[12]
It ensures the free movement of people, goods, services, and
capital,[13] enacts legislation in justice and home affairs,
and maintains common policies on trade,[14] agriculture,[15]
fisheries and regional development.[16] A monetary union, the
eurozone, was established in 1999 and is currently composed of
seventeen member states. Through the Common Foreign and
Security Policy the EU has developed a limited role in
external relations and defence. Permanent diplomatic missions
have been established around the world and the EU is
represented at the United Nations, the WTO, the G8 and the
G-20.
With a combined population of 500 million inhabitants,[17] in
2010 the EU generated an estimated 28% (US$16.106
trillion)[18] of the global economy, or 21% (US$14.793
trillion) when adjusted in terms of purchasing power parity.
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