"Countries." In the tables below, colours indicate best and worst performer of the year concerned. The act also formalized the idea of a single European market., The Maastricht Treaty took effect on November 1, 1993, and the European Union (EU) replaced the EC. 10.04.2020 - European Council Statement by the President of the European Council Charles Michel following the agreement of the Eurogroup "The agreement of the Eurogroup is a significant breakthrough. "Europe's Common Market Founded in Major Step Toward Economic Unity." Robert Godby. 3 hours European Monetary Union Consumer Confidence below forecasts (-15) in January: Actual (-15.5) FXStreet 3 hours Eurozone advance Jan consumer confidence -15.5 vs -15.0 prior Forexlive DKK is the foreign exchange (FX) currency code for the Danish krone, the official currency of Denmark. If it is treated as a single unit, which is not conventional in the oil markets, the European Union is the 19th largest producer of oil in the world, producing 1,241,370 (2013) barrels a day. more European Community (EC) The current map of EU growth is one of huge regional variation, with the larger economies suffering from stagnant growth and the new nations enjoying sustained, robust economic growth. It is the second largest economy in the world in nominal terms, after the United States, and the third one in purchasing power parity (PPP) terms, after China and the United States. [33] With a low Gini coefficient of 31, the European Union has a more egalitarian distribution of income than the world average. People had to use up all their cash in the countries' old paper money and coinage before mid-year that year, when they would no longer be accepted in monetary transactions and the euro would be used exclusively. When the EU negotiates trade related agreement outside the WTO framework, the subsequent agreement must be approved by each individual EU member state government. One problem with this data is that some areas are subject to a large number of commuters coming into the area, thereby artificially inflating the figures. The European debt crisis (often also referred to as the eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of 2009. European Central Bank. EU Institutions $13.85 billion, EU member states $73.80 billion. Beginning in the year 1999 with some EU member states, now 19 out of 27 EU states use the euro as official currency in a currency union. The European Union (EU) is a group of 27 countries that operates as a cohesive economic and political block. The calculated GDP per capita is very high because of the large natural gas reserves in this region, but Groningen is one of the poorest parts in the Netherlands. A directly elected European Parliament took office in 1979., In 1986, the Single European Act solidified the principles of foreign policy cooperation and extended the powers of the community over the members. [46] The CMU initiative comprises 33 measures in all. The CAP is however witnessing substantial reform. European Union - Official website of the European Union. Nineteen of the countries use the euro as their official currency., The EU grew out of a desire to form a single European political entity to end the centuries of warfare among European countries that culminated with World War II and decimated much of the continent. Several newer members of the EU have not yet met the criteria for adopting the euro common currency. Greece and Ireland received financial bailouts from the community in 2010, which were accompanied by fiscal austerity. In 2015 Ireland had the highest GDP growth of all the states in EU (25.1%). "The IMF and the Greek Crisis: Myths and Realities." Other non-eurozone states also experienced a debt crisis and also went through successful bailout programmes, i.e. [36][37] Euronext is the main stock exchange of the Eurozone and the world's sixth largest by market capitalisation. The European Economic and Monetary Union (EMU) refers to all of the countries that have adopted a free trade an monetary agreement in the Eurozone. France is the world's number one tourist destination for international visitors, followed by Spain, Italy, and Germany. [45] The plan aims "to establish the building blocks of an integrated capital market in the EU by 2019". European Union website - EUROPA is the official EU website that provides access to information published by all EU institutions, agencies and bodies. Commissioner for Financial Stability, Financial Services and Capital Markets Union, List of the largest trading partners of the European Union, European Union–Mercosur Free Trade Agreement, Nomenclature of Territorial Units for Statistics, List of countries by GDP (PPP) per capita, List of metropolitan areas in the European Union by GDP, List of largest European companies by revenue, "Population change - Demographic balance and crude rates at national level", "World Economic Outlook Database, October 2019", "World Economic Outlook Database, April 2020", "The World Factbook – Central Intelligence Agency", "People at risk of poverty or social exclusion", "Gini coefficient of equivalised disposable income – EU-SILC survey", "Inequalities in Human Development in the 21st Century", "Employment rate by sex, age group 20-64", "Unemployment by sex and age - monthly average", "Export and Import Partners of European Union", "Client and Supplier Countries of the EU27 in Merchandise Trade (value %) (2019, excluding intra-EU trade)", "Eurostat – Tables, Graphs and Maps Interface (TGM) table", "Balance of payment statistics – Statistics Explained", "International investment position statistics – Statistics Explained", "Euro area and EU27 government deficit both at 0.6% of GDP", http://www.oecd.org/dac/stats/ODA-2015-detailed-summary.pdf, "The EU as a borrower – European Commission", "Scope affirms the European Union's and Euratom's credit rating of AAA with Stable Outlook", https://www.imf.org/en/Publications/WEO/weo-database/2020/October/weo-report?a=1&c=998,&s=NGDPD,PPPGDP,PPPPC,&sy=2019&ey=2025&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1, "Report for Selected Country Groups and Subjects", "Compositional Analysis of Foreign Currency Reserves in the 1999–2007 Period. Portugal followed in 2011, along with a second Greek bailout in 2012., Multiple rounds of interest rate cuts and economic stimulus failed to resolve the problem. It is worth noting, however, that a significant proportion of international visitors to EU countries are from other member states. The European Union has uranium, coal, oil, and natural gas reserves. [citation needed], The European Union's member states are the birthplace of many of the world's largest leading multinational companies, and home to its global headquarters. Reasons for this growth include government commitments to stable monetary policy, export-oriented trade policies, low flat-tax rates and the utilisation of relatively cheap labour. It is pegged to the euro. In 2013 this represented approximately €45billion (less than 33% of the overall budget of €148billion) of the EU's total spending. The EC initially expanded in 1973 when Denmark, Ireland, and the United Kingdom. Among the 19 NUTS-2 regions exceeding the 150% level, five were in Germany, two in each Ireland, Austria and the Netherlands and one each in Belgium, the Czech Republic, Denmark, France, Italy, Poland, Romania, Slovakia, and Sweden, as well as in the single region Grand Duchy of Luxembourg. Denmark is not a part of the eurozone due to its special opt-outs concerning the later joining of the euro. "Treaty on European Union," Pages 191 and 194. The United Kingdom, whilst it was a member of the European Union was by far the largest producer; Denmark, Germany, Italy, Romania and the Netherlands all produce oil. More than half a trillion Euros are now available to shield European Union … We also reference original research from other reputable publishers where appropriate. Brexit refers to the U.K.'s withdrawal from the European Union after voting to do so in a June 2016 referendum. [54] It was used originally to guarantee a minimum price for farmers in the EU. Accessed Sept. 10, 2020. "Europe’s North-South Divide—A Stubborn Chasm." "GDP (Current US$)." These include white papers, government data, original reporting, and interviews with industry experts. In 2011, direct aid to farmers and market-related expenditure amount to just 30% of the budget, and rural development spending to 11%. An extreme example is Finland, which is divided for historical reasons into mainland Finland with 5.3 million inhabitants and Åland, an autonomous archipelago with a population of 27,000, or about the population of a small Finnish city. Accessed Sept. 11, 2020. Accessed Sept. 10, 2020. ET by William Watts Asian markets rise on fresh optimism after Biden’s inauguration The euro debuted on January 1, 1999. Denmark and the United Kingdom negotiated "opt-out" provisions that permitted them to retain their own currencies.. The decision to delineate a Nomenclature of Territorial Units for Statistics (NUTS) region is to a large extent arbitrary (i.e. [42], The overall budget for the period 2021-2027 is of €1.8 trillion combining the MFF of €1,074.3 billion with an extraordinary recovery fund of €750 billion, known as Next Generation EU, to support member states hit by the COVID-19 pandemic. [citation needed]. [77] Another example of artificial inflation is Groningen. E.g. Investopedia requires writers to use primary sources to support their work. European Politics Betting Odds. History. The euro is also the most widely used currency in the EU. Residents of the first European Union countries that adopted the euro began using the banknotes and coins on January 1, 2002. The remaining states are committed to join the euro through their Treaties of Accession. In the eurozone, trade is helped by not having any currency differences to deal with amongst most members. All you need to bet. Northern countries such as Germany and the Netherlands increasingly resent the financial drain from the south. Repeated rumors that Greece would be forced to withdraw from the euro failed to materialize amid disagreement as to whether the move was legally possible as it was not covered in the Maastricht Treaty., As the situation moved from crisis to stagnation, the U.K. government announced it would hold a referendum to determine whether it would remain a part of the EU on June 23, 2016. In 2018, public debt in the European Union was 80% of GDP, with disparities between the lowest rate, Estonia with 8.4%, and the highest, Greece with 181.1%.[40]. This is because the NUTS 1 & 2 regions are not homogenous, some of them being very large regions, such as NUTS-1 Hesse (21,100 km2) or NUTS-1 Île-de-France (12,011 km2), whilst other NUTS regions are much smaller, for example NUTS-1 Hamburg (755 km2). Slovakia has the highest GDP growth in the period 2005–2015 among all countries of the European Union (See Tatra Tiger). Starting with Greece in 2009, five of the 19 eurozone states have been struggling with a sovereign debt crisis, by many called the European debt crisis. Living, working, travelling in the EU. All citizens of the European Union are entitled to travel to any member state without the need of a visa. COVID-19 numbers and vaccine news will remain a key driver, however. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Information on your rights to live, work, travel and study in another EU country, including access to healthcare and consumer rights [27][28][29] The euro is used by 19 of its 27 members, overall, it is the official currency in 25 countries, in the eurozone and in six other European countries, officially or de facto. "The History of the European Union." Accessed Sept. 10, 2020. UK Parliament. View all available outright and match odds, plus get news, tips, free bets and money-back offers. Eurostat: The agency within the European Union charged with providing statistical information for the continent, as well as to ensure that member countries are … European Union. The European Community (EC) was formed in 1957 by six European countries with the goal of providing economic stability and preventing future wars. The following is a list of the largest EU based stock market listed companies in 2016. 2 hours European Monetary Union Consumer Confidence below forecasts (-15) in January: Actual (-15.5) FXStreet 2 hours Eurozone advance Jan consumer confidence -15.5 vs -15.0 prior Forexlive 2 hours Louis Green Joins UBS as a Financial Advisor in New York Business Insider "Brexit Timeline: Events Leading to the UK’s Exit From the European Union." Europe is also home to many prestigious car companies such as Aston Martin, BMW, Ferrari, Jaguar, Lamborghini, Land Rover, Maserati, Mercedes-Benz, Porsche, Volvo, as well as volume manufacturers such as Automobile Dacia, Citroën, Fiat, Opel, Peugeot, Renault, Seat, Volkswagen and more. Internal tourism is made more convenient by the Schengen treaty and the euro. The nation voted to leave the EU under what's now called Brexit. All countries in the EU have committed to the Kyoto Protocol, and the European Union is one of its biggest proponents. "Five Things You Need to Know About the Maastricht Treaty." The data is used to define regions that are supported with financial aid in programs such as the European Regional Development Fund. In a 2016 referendum, the U.K. voted to leave the EU. You can learn more about the standards we follow in producing accurate, unbiased content in our. [34][35], EU's investments in foreign countries total $9.1 trillion, while the foreign investments made in the European Union total $5.1 trillion in 2012, by far the highest foreign and domestic investments in the world. The Eurozone economy grew by 12.5 percent in the three months to September 2020, recovering from a record slump of 11.7 percent in the previous period and compared with a second estimate of a 12.6 percent advance. "The European Financial Crisis," Chapter 6. Business Expert Press, 2013. According to the Global Financial Centres Index, the two largest financial centres in Europe, London and Zurich, are outside the European Union. There are six oil producers in the European Union, primarily in North Sea oilfields. World Bank. [citation needed], Anheuser-Busch InBev is the largest beer company in the world; L'Oréal Group, which is the world's largest cosmetics and beauty company; LVMH, which is the world's largest luxury goods conglomerate; Nokia Corporation, which was the world's largest manufacturer of mobile telephones; Royal Dutch Shell, which is one of the largest energy corporations in the world; and Stora Enso, which is the world's largest pulp and paper manufacturer in terms of production capacity, in terms of banking and finance the EU has some of the world's largest notably HSBC and Grupo Santander, the largest bank in Europe in terms of Market Capitalisation. European Union. In contrast, Sweden can effectively opt out by choosing when or whether to join the European Exchange Rate Mechanism, which is the preliminary step towards joining. Similar problems can be produced by a large number of tourists visiting the area. The treaty created the euro, which is intended to be the single currency for the EU. not based on objective and uniform criteria across Europe), and is decided at European level (See also: Regions of the European Union). It became the European Economic Community in 1957 under the Treaty of Rome and, subsequently, became the European Community (EC)., The early focus of the EC was a common agricultural policy as well as the elimination of customs barriers. The agricultural sector is supported by subsidies from the European Union in the form of the Common Agricultural Policy (CAP). Among the ten lowest regions in the ranking in 2017 most were in Bulgaria, with the lowest figure recorded in Severozapaden. Much of the difference comes from Russia and the Caspian Sea basin. [32] There are significant disparities in GDP per capita (PPP) between member states ranging from $106,372 in Luxembourg to $23,169 in Bulgaria. Accessed Sept. 10, 2020. The European Union is a major tourist destination, attracting visitors from outside of the Union and citizens travelling inside it. All these states started reforms and got bailout packages (Greece, Ireland, Portugal, Spain, Cyprus). Although EU27 GDP is rising, the percentage of gross world product is decreasing because of the emergence of economies such as China, India and Brazil. Eurozone Unemployment Rate (Nov) The Majors It was a bearish end to the year for the European majors on Thursday, with the CAC40 and the EuroStoxx600 falling by 0.86% and by 0.30% respectively. [73], Euro area international trade in goods surplus The result is that GDP per inhabitant appears to be overestimated in these regions and underestimated in regions with commuter outflows.". Brexit Timeline: Events Leading to the UK’s Exit From the European Union, Europe's Common Market Founded in Major Step Toward Economic Unity, Five Things You Need to Know About the Maastricht Treaty, Europe’s North-South Divide—A Stubborn Chasm, The IMF and the Greek Crisis: Myths and Realities, Withdrawal and Explusion From the EU and EMU: Some Reflections. [38] The European Union's largest trading partners are the United States, China, the United Kingdom, Switzerland, Russia, Turkey, Japan, Norway, South Korea, India, and Canada. By 2011, 90% of direct support had become non-trade-distorting (not linked to production) as reforms have continued to be made to the CAP, its funding and its design.[55]. The euro is used by 19 of its 27 members, overall, it is the official currency in 25 countries, in the eurozone and in six other European countries, officially or de facto.. [48] The Commissioner for Financial Stability, Financial Services and Capital Markets Union, Valdis Dombrovskis, former Prime Minister of Latvia, is responsible for delivery of the initiative.[49][50][51][52]. €23.4 bn surplus for EU27. For instance, it includes an internal single market with free movement of goods, services, capital, and labor. The U.K. officially left the EC as of 11 p.m. Greenwich Mean Time, Jan. 31, 2020.. The NUTS Regulation lays down a minimum population size of 3 million and a maximum size of 7 million for the average NUTS-1 region, whereas a minimum of 800,000 and a maximum of 3 million for NUTS-2 regions.¹[78] This definition, however, is not respected by Eurostat. Notably the Baltic states have achieved high GDP growth, with Latvia topping 11%, close to China, the world leader at 9% on average for the past 25 years (though these gains have been in great part cancelled by the late-2000s recession).[57]. : the région of Île-de-France, with 11.6 million inhabitants, is treated as a NUTS-2 region, while the state Free Hanseatic City of Bremen, with only 664,000 inhabitants, is treated as a NUTS-1 region. The Maastricht Treaty was a treaty that is responsible for the creation of the European Union and was approved by heads of government of the states making up the European Community (EC) in December 1991. Many other European companies rank among the world's largest companies in terms of turnover, profit, market share, number of employees or other major indicators. YANIS VAROUFAKIS claimed the break up of the eurozone would not be because of crisis-hit Greece or Italy but because of Germany, with Berlin the first capital to drop out of the monetary union … Eurozone consumer prices fell for a third consecutive month by 0.3 percent year-on-year in November 2020, the steepest decline since April 2016, amid subdued demand due to the coronavirus crisis. Accessed Sept. 10, 2020. The European Union (EU) consists of a group of countries that acts as one economic unit in the world economy. Among these are distinguished companies ranked first in the world within their industry/sector, like Allianz, which is the largest financial service provider in the world by revenue; WPP plc which is the world's largest advertising agency by revenue; Amorim, which is the world's largest cork-processing and cork producer company; ArcelorMittal, which is the largest steel company in the world; Inditex which is the biggest fashion group in the world; Groupe Danone, which has the world leadership in the dairy products market. [47] The plan was updated in 2017 and in 2019, since not a single legislation will deliver the CMU. [44], Financial services are well developed within the Single Market of the Union. CZK is the abbreviation for the Czech Republic's currency, the koruna. The 10 NUTS-1 and NUTS-2 regions with the highest GDP per capita are almost all, except two, in the first fifteen-member states: Prague and Bratislava are the only ones in the 13 new member states that joined in May 2004, January 2007 and July 2013. We would like to show you a description here but the site won’t allow us. €23.1 bn In 1985, around 70% of the EU budget was spent on agriculture. [41], The EU has a long-term budget, named Multiannual Financial Framework (MFF), of €1,082.5 billion for the period 2014–2020, representing 1.02% of the EU-28's GNI. Accessed Sept. 11, 2020. International Monetary Fund. As of 2015, all countries but Greece have recovered from their debt crisis. The European Union represents all its members at the World Trade Organization (WTO), and acts on behalf of member states in any disputes. The EU seasonally adjusted unemployment rate was 6.7% in September 2018. The economy of the European Union is the joint economy of the member states of the European Union (EU). "Withdrawal and Explusion From the EU and EMU: Some Reflections." The euro is the second largest reserve currency and the second most traded currency in the world after the United States dollar. [61] The euro area unemployment rate was 8.1%. The euro is the second largest reserve currency and the second most traded currency in the world after the United States dollar. The EU and the European Central Bank have struggled with high sovereign debt and sluggish growth in Portugal, Ireland, Greece, and Spain since the global financial market collapse of 2008. Prices fell for both energy (-8.3 percent vs -8.2 percent in October) and non-energy industrial goods (-0.3 percent vs -0.1 percent). European Union. The Euro vs. The European Single Market was established by 12 countries in 1993 to ensure the so-called four freedoms: the movement of goods, services, people, and money., The EU's gross domestic product (GDP) totaled $15.6 trillion (nominal) in 2019, which was $5.8 trillion less than the United States' $21.4 trillion GDP, according to figures available from the World Bank., The EU began as the European Coal and Steel Community, which was founded in 1950 and had just six members: Belgium, France, Germany, Italy, Luxembourg, and the Netherlands. The European Union's GDP was estimated to be around $15 trillion (nominal) in 2020,[25] representing around 1/6 of the global economy.[26]. European Union vs. Eurozone. Accessed Sept. 10, 2020. [30] The GDP per capita (PPP) was $43,188 in 2018,[31] compared to $62,869 in the United States, $44,246 Japan and $18,116 in China. Figures for these three regions, however, were artificially inflated by the commuters who do not reside in these regions ("Net commuter inflows in these regions push up production to a level that could not be achieved by the resident active population on its own. [39], Since the beginning of the public debt crisis in 2009, opposite economic situations have emerged between Southern Europe on one hand, and Central and Northern Europe on the other hand: a higher unemployment rate and public debt in the Mediterranean countries with the exception of Malta, and a lower unemployment rate with higher GDP growth rate in the Eastern and in Northern member countries. The ordered by revenue in millions of US Dollars and is based on the Fortune Global 500. The leading regions in the ranking of NUTS-2 regional GDP per inhabitant in 2018 were the Grand Duchy of Luxembourg (263%), Southern Ireland (225%), and Eastern and Midland Ireland (210%). Hungary, Romania and Latvia (the latter before it joined the eurozone). The following table shows the history of the unemployment rate for all European Union member states: The European Union is the largest exporter in the world[70] and as of 2008 the largest importer of goods and services. The twelve new member states of the European Union have enjoyed a higher average percentage growth rate than their elder members of the EU. The Dollar As Leading Reserve Currency", "There Are Only Two Real Threats to the US Dollar's Status As The International Reserve Currency", https://www.cia.gov/library/publications/the-world-factbook/geos/ee.html, "GINI index (World Bank estimate) | Data", "Romania becomes third eastern European EU country to be bailed out", © European Union, Integrated Financial Reporting Package Overview, Financial year 2017, Special European Council, 17-21 July 2020, "Europäische Union: Anteile der Wirtschaftssektoren am Bruttoinlandsprodukt (BIP) von 2004 bis 2014", Conference Report: European Financial Market Integration, "The legal and regulatory aspects of the free movement of capital - towards the Capital Markets Union", "EU's capital markets union 2.0, explained", "EU's Dombrovskis ignites fresh row over City's market access post-Brexit", "Fortune Global 500 List 2017: See Who Made It", "Macroeconomic Legal Trends in the EU11 Countries", "GDP and employment flash estimates for the fourth quarter of 2019", "Gross domestic product at market prices (Current prices and per capita)", "Government deficit, excluding support for financial institutions", "General government gross debt – annual data", "EU-Korea FTA Will Be a Long Process: Greek Ambassador", "Top Trading Partners 2017 – Trade Statistics", "Extra-EU27 trade, by main partners, total product", http://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-063317_QID_-63BADB2E_UID_-3F171EB0&layout=TIME,C,X,0;GEO,L,Y,0;INDIC_ET,L,Z,0;SITC06,L,Z,1;PARTNER,L,Z,2;INDICATORS,C,Z,3;&zSelection=DS-063317INDIC_ET,MIO_BAL_VAL;DS-063317PARTNER,EXT_EU28;DS-063317INDICATORS,OBS_FLAG;DS-063317SITC06,TOTAL;&rankName1=PARTNER_1_2_-1_2&rankName2=SITC06_1_2_-1_2&rankName3=INDIC-ET_1_2_-1_2&rankName4=INDICATORS_1_2_-1_2&rankName5=TIME_1_0_0_0&rankName6=GEO_1_2_0_1&sortC=ASC_-1_FIRST&rStp=&cStp=&rDCh=&cDCh=&rDM=true&cDM=true&footnes=false&empty=false&wai=false&time_mode=NONE&time_most_recent=false&lang=EN&cfo=%23%23%23%2C%23%23%23.%23%23%23, "Regional GDP per capita ranged from 30% to 263% of the EU average in 2018", http://epp.eurostat.ec.europa.eu/extraction/retrieve/en/theme1/reg/reg_e3gdp?OutputDir=EJOutputDir_349&user=unknown&clientsessionid=19A1061DE7EB55F2E04BD008A91F53DF.extraction-worker-1&OutputFile=reg_e3gdp.htm&OutputMode=U&NumberOfCells=3868&Language=en&OutputMime=text%2Fhtml&, Link to non-Eurozone EU15 countries Growth Rates, European Commission – Economic and Financial Affairs, Eurostat – Statistics Explained – All articles on economy and finance, Economic and Financial Affairs Commissioner, European Coal and Steel Community (1951–2002), European Economic Community (1958–1993/2009), Mechanism for Cooperation and Verification, Cities with more than 100,000 inhabitants, Largest cities by population within city limits, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, Regional Comprehensive Economic Partnership, South Asian Association for Regional Cooperation, Customs Union of Belarus, Kazakhstan, and Russia, Cooperation Council for the Arab States of the Gulf, Economic and Monetary Community of Central Africa, https://en.wikipedia.org/w/index.php?title=Economy_of_the_European_Union&oldid=1001892207, Articles tagged for attention after Brexit, World Trade Organization member economies, Short description is different from Wikidata, Articles with unsourced statements from September 2016, Creative Commons Attribution-ShareAlike License, machinery, motor vehicles, pharmaceuticals and other chemicals, fuels, aircraft, plastics, iron and steel, wood pulp and paper products, alcoholic beverages, furniture, fuels and crude oil, machinery, vehicles, pharmaceuticals and other chemicals, precious gemstones, textiles, aircraft, plastics, metals, ships, Officially the Republic of China, participates as ", This page was last edited on 21 January 2021, at 21:33. 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