STILL BEING WORKED ON. The Union of European States (commonly referred to as the European Union or Europe) is a nation located mainly on the Europe parts of Eurasia continent, with the exception of Turkey. The European Union is the world's third largest economy and a permanent member of the United Nations Security Council (along with the United States, United Kingdom, Eurasian Union and China). The European Union is made up of 31 states and one Capitol District. It is one of four nations in Europe along with the United Kingdom, Yugoslavia and the Eurasian Union.