The European Union was formally established ( with the Masstricht Treaty) on November 1; 1993. However, January 1, 2002, is a day that many people remember. It wasn't just the star of another new year. It was also the start of a new era for the 304 millon people living in 12 European countries. on that day, the euro became the official currency of their countries. The European Union currently has 27 member states, and new member are expected to join. Citizens of member countries can travel freely, live, study, and work in any of the member countries.