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Established in 1993 by the Maastricht Treaty, the European Union (EU) is the legacy of the original European Economic Community (Belgium, France, Germany, Italy, Luxembourg and The Netherlands), which was formed in 1957 by the Treaty of Rome. The EU is a common market, which allows free movement of resources and eliminates trade barriers--tariffs or quotas--among member nations. The European Monetary Union (EMU) is comprised of EU nations that, having met the Maastricht Treaty's conditions, have agreed to operate under a single currency and monetary policy.