The European Union's objectives include reducing tariffs, promoting a single market, and creating a common currency. Based upon these objectives, what type of world region does the European Union primarily represent

The correct answer is economy.

Explanation:

The European economic integration model has become an inevitable reference for any integration project. The strong and sustained political commitment, the construction of a supranational legal and institutional system and the common policies and actions aimed at consolidating economic integration constitute three essential components of this model, which have shaped a "virtuous triangle" with the ability to positively influence economic development. In Latin America, the various integration processes face - beyond some progress - serious limitations. Without falling into easy comparisons, the European experience allows us to draw some useful conclusions for the region.