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The EU's legal foundations are the Treaty on European Union and the Treaty on the Functioning of the European Union, currently unanimously agreed on by the governments of 27 member states. According to its Court of Justice the EU represents 'a new legal order of international law'. The EU has political institutions, social and economic policies, which transcend nation states for the purpose of cooperation and human development. Since the founding of the European Coal and Steel Community following World War II, the EU has developed the aim to 'promote peace, its values and the well-being of its peoples'. Įuropean Union law is a system of rules operating within the member states of the European Union (EU). A recipient of the 2012 Nobel Peace Prize, the EU is committed to ' human dignity, freedom, democracy, equality, the rule of law and respect for human rights'. The EU has a population of 448 million people, the second largest combined economy in the world, and a very high rate of human development. System of rules within the European Union

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