Economy
The EU has established a single market across the territory of all its members. A monetary union, the eurozone, using a single currency comprises 17 member states. In 2011 the EU had a combined GDP of 17.57 trillion international dollars, a 20% share of the global gross domestic product (in terms of purchasing power parity).
Of the top 500 largest corporations measured by revenue (Fortune Global 500 in 2010), 161 have their headquarters in the EU. In 2007, unemployment in the EU stood at 7% while investment was at 21.4% of GDP, inflation at 2.2%, and current account balance at −0.9% of GDP (i.e., slightly more import than export). Now, in 2012, unemployment in the EU stand, per August 2012, at 11.4%
There is a significant variance for GDP (PPP) per capita within individual EU states, these range from €11,300 to €69,800 (about US$15,700 to US$97,000). The difference between the richest and poorest regions (271 NUTS-2 regions of the Nomenclature of Territorial Units for Statistics) ranged, in 2009, from 27% of the EU27 average in the region of Severozapaden in Bulgaria, to 332% of the average in Inner London in the United Kingdom. On the high end, Inner London has €78,000 PPP per capita, Luxembourg €62,500, and Bruxelles-Cap €52,500, while the poorest regions, are Severozapaden with €6,400 PPP per capita, Nord-Est with €6,900 PPP per capita, Severen tsentralen with €6,900 and Yuzhen tsentralen with €7,200.
Structural Funds and Cohesion Funds are supporting the development of underdeveloped regions of the EU. Such regions are primarily located in the states of central and southern Europe. Several funds provide emergency aid, support for candidate members to transform their country to conform to the EU's standard (Phare, ISPA, and SAPARD), and support to the former USSR Commonwealth of Independent States (TACIS). TACIS has now become part of the worldwide EuropeAid programme. EU research and technological framework programmes sponsor research conducted by consortia from all EU members to work towards a single European Research Area.
Read more about this topic: European Union
Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)