| Date - Field | European Union - Economy - overview |
2012 January
Economy - overview | Internally, the EU has abolished trade barriers, adopted a common currency, and is striving 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 $78,000) and in national attitudes toward issues like inflation, debt, and foreign trade, the EU faces difficulties in devising and enforcing common policies. Eleven established EU member states, under the auspices of the European Economic and Monetary Union (EMU), introduced the euro as their common currency on 1 January 1999 (Greece did so two years later), but the UK and Denmark have 'opt-outs' that allow them to keep their national currencies, and Sweden has not taken the steps needed to participate. Between 2004 and 2007, the EU admitted 12 countries that are, in general, less advanced economically than the other 15. Of the 12 most recent member states, only Slovenia (1 January 2007), Cyprus and Malta (1 January 2008), Slovakia (1 January 2009), and Estonia (1 January 2011) have adopted the euro; the remaining states other than the UK and Denmark are legally required to adopt the currency upon meeting EU's fiscal and monetary convergence criteria. The EU has recovered from the global financial crisis faster than expected, with business investment growing by an estimated 2% in 2010, but with public investment and housing development lagging. Strong corporate profits should enable this recovery to continue in 2011. Nevertheless, significant risks to growth remain, including, high official debts and deficits, aging populations, over-regulation of non-financial businesses, and doubts about the sustainability of the EMU. In June 2010, prompted by the Greek financial crisis, the EU and the IMF set up a $1 trillion bailout fund to rescue any EMU member in danger of default, but it has not calmed market jitters that have diminished the value of the euro. Discussions are currently under way to create a permanent European Stabilization Mechanism (ESM) in 2013, when the existing European Financial Stability Facility expires. |
2011 January
Economy - overview | Internally, the EU has abolished trade barriers, adopted a common currency, and is striving 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 $78,000) and in national attitudes toward issues like inflation, debt, and foreign trade, the EU faces difficulties in devising and enforcing common policies. In the wake of the global economic crisis, the European Commission projected that the EU's economy would shrink by 4% in 2009 and 0.1% in 2010. The EU has recovered from the crisis faster than expected, however, and the Commission estimates 2010 growth at 1.8%. Significant risks to growth nevertheless remain, including, high official debts and deficits, aging populations, over-regulation of non-financial businesses, and doubts about the sustainability of European Economic and Monetary Union (EMU). In June 2010, prompted by the Greek financial crisis, the EU and the IMF set up a $1 trillion bailout fund to rescue any EMU member in danger of default, but it has not calmed market jitters that have diminished the value of the euro. 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 and Denmark have 'opt-outs' that allow them to keep their national currencies, and Sweden has not taken the steps needed to participate. Between 2004 and 2007, the EU admitted 12 countries that are, in general, less advanced economically than the other 15. Of the 12 most recent member states, only Slovenia (1 January 2007), Cyprus and Malta (1 January 2008), Slovakia (1 January 2009), and Estonia (1 January 2011) have adopted the euro; the remaining states other than the UK and Denmark are legally required to adopt the currency upon meeting EU's fiscal and monetary convergence criteria. |
2010 January
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. |
2009 January
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. In 2004 and 2007, the EU admitted 10 and two countries, respectively, 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. |
2008 January
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. In 2004 and 2007, the EU admitted 10 and two countries, respectively, 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. |
2007 January
Economy - overview | Domestically, the European Union attempts 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 (from $9,000 to $56,000) and historic national animosities, the European Community 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. In 2004 and 2007, the EU admitted, respectively, 10 and two central and eastern European countries that are, in general, less advanced technologically and economically than the other 15. Twelve established EU member states introduced the euro as their common currency on 1 January 1999, but the UK, Sweden, and Denmark chose not to participate. Of the 12 new member states, only Slovenia has adopted the euro (1 January 2007). The others may choose to adopt the currency when they meet the EU's fiscal and monetary criteria and the other euro states so agree. |
2006 January
Economy - overview | Domestically, the European Union attempts 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 (from $10,000 to $28,000) and historic national animosities, the European Community faces difficulties in devising and enforcing common policies. For example, both Germany and France since 2003 have flouted the member states' treaty obligation to prevent their national budgets from running more than a 3% deficit. In 2004, the EU admitted 10 central and eastern European countries that are, in general, less advanced technologically and economically than the existing 15. Twelve EU member states introduced the euro as their common currency on 1 January 1999. The UK, Sweden, and Denmark do not now participate; the 10 new member states may choose to adopt the euro when they meet the EU's fiscal and monetary criteria and the member states so agree. |
2005 January
Economy - overview | Domestically, the European Union attempts 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 (from $10,000 to $28,000) and historic national animosities, the European Community faces difficulties in devising and enforcing common policies. For example, both Germany and France since 2003 have flouted the member states' treaty obligation to prevent their national budgets from running more than a 3% deficit. In 2004, the EU admitted 10 central and eastern European countries that are, in general, less advanced technologically and economically than the existing 15. Twelve EU member states introduced the euro as their common currency on 1 January 1999. The UK, Sweden, and Denmark do not now participate; the 10 new member states may choose to adopt the euro when they meet the EU's fiscal and monetary criteria and the member states so agree. |
2004 January
Economy - overview | void - (all current Economy informations) |
2003 January
Economy - overview | void - (all current Economy informations) |
2002 January
Economy - overview | void - (all current Economy informations) |
2001 January
Economy - overview | void - (all current Economy informations) |
2000 January
Economy - overview | void - (all current Economy informations) |
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This page was last updated on 5 February, 2012 |
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