It depends on who "you" are, which European Union country is being considered, and what type of residency or citizenship you want.
Without more specifics, there would be hundreds of variants to this question.
The Euro is used in 17 of the European Union's 27 countries. The other 10 countries in the European Union use their own currencies.
Deutschmarks were discontinued when Germany; as part of the European Union; accepted the Euro as their standard currency.
The European Union. The adoption of the Euro by European countries created a multi-nationally accepted currency.
I think it should be ok. Poland is a member of EU (European Union) and the polish people have the right to travel there, without the need of a passport. However if you travel from UK to Rhodes, you need some form of ID.
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No, Kosovo is not a member of the European Union.
No, it is not in the European Union.
Cypus is the only European Union member in the Middle East. All other European Union countries (as could be guessed) are in Europe. Turkey is a Middle Eastern country that has tried to accede to the European Union, but has not had its accession accepted. To read more about that read the Related Question. The European Union is very active politically in the Middle East, often serving as a bloc to negotiate against different Middle Eastern countries and therefore make negotiations more favorable in the Middle East.
No, Switzerland is not a member of the European Union.
No, Israel is not in the European Union.
The European Union does not consist of all of European countries, so European Union citizenship does not unite all of Europe. Even in the European Union countries, each country has its own specific citizenship, as opposed to one single European Union citizenship. You are only a European Union citizen if you are a citizen of one of the European Union countries. There is no European Union citizenship by itself.
The application itself does not do anything. If the application is accepted, then Turkey becomes part of the European Union, allowing for easier Turkish migration into Europe and a more complete free trade agreement between Turkey and other EU States.