Presentation on theme: "The European Union THE EUROPEAN UNION How do individuals, businesses and economies benefit from using the Euro?"— Presentation transcript:
The European Union THE EUROPEAN UNION How do individuals, businesses and economies benefit from using the Euro?
The European Union Where in the world is the EU? 2
The European Union 3 28 7 30 508 million Member States Combined population of EU Member States Percent of world’s population Percent of global GDP 56 Percent of combined worldwide Official Development Assistance
The European Union Population in millions, 2012 508 1343 127143 314 EUChinaJapanRussiaUnited States EU Population in the World 5
The European Union Area of the EU compared to the rest of the world Surface area, 1 000 km² EUChina Japan RussiaUnited States 16 889 9327 9159 4290 365 6
The European Union 1952: Founding Members Belgium France Germany Italy Luxembourg Netherlands
The European Union 1973 Denmark Ireland United Kingdom
The European Union Free movement of goods No customs duties between the member states The EU also prohibits charges having an equivalent effect of customs duties.
The European Union Free movement of services The freedom prohibits restrictions on free circulation of services within Member States. Examples: Postal service Internet purchases Banking
The European Union Free movement of people The right to travel. The right to work in any member state. The right to settle in any member state.
The European Union Free movement of capital Capital within the EU may be transferred in any amount from one country to another.
The European Union The Euro In 1999, the euro area was established as a currency in eleven of the then fifteen EU Member States. Of the 28 EU Member States today, seventeen have adopted the euro. Estonia most recently joined in 2011, and Latvia is expected to adopt the euro in 2014. In response to the economic and financial crisis, the EU created a new set of rules on enhanced EU economic governance which entered into force in December 2011. €€€€€€
The European Union Before the Euro: a multitude of currencies Cumbersome inter-state trading Comparing prices more difficult Currency exchange can be unpredictable in contracts/ loans
The European Union The Euro: a single currency for Europeans Austria Belgium Finland France Germany Greece Italy Ireland Luxembourg Netherlands Portugal Spain The 12 countries that introduced the Euro in 2001:
The European Union The Euro: a single currency for Europeans EU countries using the euro in 2013 EU countries not using the euro Can be used everywhere in the 17-country euro area Coins: one side with national symbols, one side common Notes: no national side New Euro countries since 2001: Cyprus (2006) Malta (2006) Slovakia (2008) Slovenia (2009) Estonia (2011)
The European Union Some of the Euro’s benefits European Central Bank keeps price inflation low so interest rates also remain low Travelling is made easier Comparing prices is made simpler International trade is facilitated Currency exchange costs are eliminated
The European Union Celebrating the European Union - A Half Century of Change and Progress Since the creation of the EU over half a century ago, Europe has enjoyed the longest period of peace in its history. EU enlargement has helped overcome the division of Europe – contributing to peace, prosperity, and stability across the continent. A single market and a common currency benefit companies and consumers. EU has united the citizens of Europe – while preserving Europe’s diversity. European Union United in diversity