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The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe.[8] The union has a total area of 4,233,255.3 km2 (1,634,469.0 sq mi) and an estimated total population of about 447 million. An internal single market has been established through a standardised system of laws that apply in all member states in those matters, and only those matters, where the states have agreed to act as one. EU policies aim to ensure the free movement of people, goods, services and capital within the internal market;[9] enact legislation in justice and home affairs; and maintain common policies on trade,[10] agriculture,[11] fisheries and regional development.[12] Passport controls have been abolished for travel within the Schengen Area.[13] A monetary union was established in 1999, coming into full force in 2002, and is composed of 19 member states which use the euro currency. The EU has often been described as a sui generis political entity (without precedent or comparison) with the characteristics of either a federation or confederation.[14][15]