The European Union and Brexit

The UK's membership of the European Union and its decision to leave in 2016 represent one of the most significant economic and political events in modern British history. This lesson examines the structure and institutions of the EU, the economics of the single market and customs union, and the economic impact of Brexit.

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The European Union: Structure and Key Features

The EU traces its origins to the European Economic Community (EEC), established by the Treaty of Rome (1957) with six founding members: France, Germany, Italy, Belgium, the Netherlands, and Luxembourg. The UK joined in 1973. Through successive treaties — the Single European Act (1986), the Maastricht Treaty (1992), the Lisbon Treaty (2007) — the EU has deepened integration.

The Single Market

The EU Single Market (completed in 1993) established the "four freedoms":