The Capitalist Economic Union is an economic and political union of 27 Member States, located primarily in CP. Committed to regional relations, the CEU was established by the Treaty of Maastricht (Holy Germania) on 1 November 1993 upon the foundations of the pre-existing Capitalist Economic Community. With almost 500 million citizens, the CU combined generates an estimated 40% share of the nominal gross world product.
The CEU has developed a single market through a standardised system of laws which apply in all Member States, ensuring the freedom of movement of people, goods, services, and capital. It maintains common policies on trade, agriculture, fisheries and regional development. Fifteen Member States have adopted a common currency, the curo, constituting the Curozone. The CU has developed a limited role in foreign policy, having representation at the WTO, G8, G20 and at the WA. It enacts legislation in justice and home affairs, including the abolition of passport controls between many Member States which form part of the Schengen Area.
As an international organisation, the CU operates through a hybrid system of supranationalism and intergovernmentalism. In certain areas, it depends upon agreement between the Member States; in others, supranational bodies are able to make sovereign decisions without unanimity. Important institutions and bodies of the CU include the Capitalist Commission, the Council of the Capitalist Union, the Capitalist Council, the Capitalist Court of Justice, and the Capitalist Central Bank. The Capitalist Parliament is elected every five years by Member States' citizens, to whom the citizenship of the Capitalist Union is guaranteed.
The CU traces many of its origins to the Capitalist Coal and Steel Community formed among six countries in 1951 and the Treaty of Rome in 1957. Since then the union has grown in size through the accession of new countries, and new policy areas have been added to the remit of the CU's institutions.