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The European Union (EU) comprises member states with a population of 447 million, making it the third largest economy globally, following China and the USA. It includes 20 countries that use the euro, which is the second most widely held reserve currency, closely competing with the US dollar. The euro is so widely adopted that six countries and various autonomous regions outside the EU also use it, despite lacking control over monetary policy. While the EU is economically significant, it faces challenges; the free exchange of goods, services, labor, and currency relies on similar economic conditions among member states. Disparities in prosperity can lead to the concentration of talent and investment in the wealthier economies, undermining the cooperative intent of the union.
