“Brexit” is a phrase coined to refer to a potential exit of Britain from the European Union. To understand the gravity of the issue, it is imperative that one understands what the union of European nations stand for.The European Union is an economic and political partnership among 28 European nations spread over much of the continent of Europe. Set up in the aftermath of the WW II and initially named as the European Economic Community, the union strived to use the co-operative bond to avoid conflicts. Started as an economic community, it evolved into a political union and was established as the European Union in 1993 to reflect the broadened scope.