The European Union Background

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Information on the European Union but only a brief introduction, use other resources to help with your understanding

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The European Union Background

  1. 1. The European UnionUnion européenne
  2. 2. Brief History• Started out as the European Coal and Steel Community in 1951 ▫ France, Germany, Italy, Benelux (Belgium, Netherlands, Luxembourg)• In 1958 it became the EEC (European Economic Community)• 1993 the Maastricht Treaty established the European as it is today
  3. 3. Accession to the EU• 1951 Germany, France, Italy, Benelux• 1973 Denmark, Ireland, UK• 1981 Greece• 1986 Portugal, Spain• 1995 Austria, Finland, Sweden• 2004 Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, Slovenia• 2007 Bulgaria, Romania
  4. 4. European Bodies• European Union ▫ Monetary and Political Union which has numerous currencies and legislation ▫ (27 Members)• Eurozone ▫ Monetary Union, with policy controlled from the European Central Bank in Frankfurt. Nations use the Euro ▫ 17 Members
  5. 5. European Bodies• Schengen Area ▫ Group of countries which have had Passport controls relaxed allowing true freedom of movement (Common Borders Only) ▫ 22 EU Members and 4 Non Members ▫ 3 Countries are legally bound to join
  6. 6. European Union Economics• Worlds biggest economy ▫ GDP: $15.821 Trillion ▫ GDP per Capita: $31,607 ▫ Population: 501 Million ▫ Gini: 30.4 (Medium) ▫ HDI 0.876 (Very High)
  7. 7. European Union LeadersPresident of the European Council President of the Commission Herman Van Rompuy José Manuel Barroso
  8. 8. Eurozone• Economic Information ▫ GDP: €9.4 trillion ▫ Interest Rate: 0.75% ▫ Inflation: 1.6% ▫ Unemployment: 11.7% ▫ Trade Balance: €81.8 billion surplus• Monetary Policy is controlled European Central bank• Currently 17 Members
  9. 9. European Central Bank• Based in Frankfurt• President is Mario Draghi• It is the Central Bank of 17 Countries• Currently holds €526 billion in reserves

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