Containing 7.3 % of the world population , the EU in 2017 generated a nominal gross domestic product ( GDP ) of 19.670 trillion US dollars , constituting approximately 24.6 % of global nominal GDP . Additionally , all 28 EU countries have a very high Human Development Index , according to the United Nations Development Programme . In 2012 , the EU was awarded the Nobel Peace Prize . Through the Common Foreign and Security Policy , the EU has developed a role in external relations and defence . The union maintains permanent diplomatic missions throughout the world and represents itself at the United Nations , the World Trade Organization , the G7 and the G20 . Because of its global influence , the European Union was described in 2006 as an emerging superpower
Nobel Peace Prize
2012 Nobel Peace Prize
European Union