Final answer:
The European Union has formed an economic union with a single currency known as the euro and has eliminated trade barriers among its member countries.
Step-by-step explanation:
The European Union (EU) is a remarkable result of numerous European countries' efforts to integrate their economies after World War II. Initially starting as a free trade association, it evolved into a common market and ultimately became a full economic union. In the early 2000s, the EU achieved a major milestone by introducing a single currency, the euro, which led to the phasing out of most national currencies like the German mark and the French franc, although some EU members chose to keep their own currencies.
The EU has strived to eliminate trade barriers among member countries which allowed the free movement of goods, labor, and capital across member states. However, it's important to note that while the EU does strive to maintain a high standard of goods, it does not subject member nations to quotas or impose duties on the manufacture and shipment of high-quality, low-cost goods within the internal market. Therefore, the correct statement is that the European Union 'Has achieved the reality of a single currency and a regional central bank.'