Pros of the European Union (EU) include the formation of a powerhouse in industry and trade, but cons include the lack of a common language and the risk of a country losing its own identity. The EU also makes it difficult for smaller nations to join.
Member nations of the EU receive a number of benefits, including free trade among member nations and a common currency, the Euro. It also brings about job opportunities for those living in member countries, which can spur regional growth and improve educational opportunities.
At the same time, there are drawbacks. The variety of requirements make it difficult for poorer nations who would benefit the most from joining. It also requires countries that are prospering to share their benefits with other members of the EU.