telephone: [32] (2) 508-2111
FAX: [32] (2) 508-2063
Flag description:
blue field with 12 five-pointed gold stars arranged in a circle in the center, representing the union of the peoples of Europe; the number of stars is fixed
Economy ::European Union
Economy - overview:
Internally, the EU is attempting to lower trade barriers, adopt a common currency, and move toward convergence of living standards. Internationally, the EU aims to bolster Europe's trade position and its political and economic power. Because of the great differences in per capita income among member states (from $7,000 to $69,000) and historic national animosities, the EU faces difficulties in devising and enforcing common policies. For example, since 2003 Germany and France have flouted the member states' treaty obligation to prevent their national budgets from running more than a 3% deficit. Between 2004 and 2007, the EU admitted 12 countries that are, in general, less advanced technologically and economically than the other 15. Eleven established EU member states introduced the euro as their common currency on 1 January 1999 (Greece did so two years later), but the UK, Sweden, and Denmark chose not to participate. Of the 12 most recent member states, only Slovenia (1 January 2007) and Cyprus and Malta (1 January 2008) have adopted the euro; the remaining nine are legally required to adopt the currency upon meeting EU's fiscal and monetary convergence criteria.
GDP (purchasing power parity):
$14.94 trillion (2008 est.) country comparison to the world: 1 $14.82 trillion (2007 est.)
$14.39 trillion (2006 est.)