What role if any does the EU play in the World Economy?

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Presentation transcript:

What role if any does the EU play in the World Economy? European Union What role if any does the EU play in the World Economy?

What is the EU? An economic and political union between the members nations (27) Goal was to develop a single economic market for Europe through a systems of common laws and treaties that apply to all member nations If the EU was an individual country it would rank … 7th in land area 3rd in population 1st in GDP

What do EU nations have in common? Common policies on trade, agriculture, fishing, and regional development Goods (including services), capital, and people are allowed to circulate freely within the EU EU members have common tariffs on imported goods 16 out of the 27 nations use a common currency called the Euro The other 11 except Denmark and UK will be switching soon

European Union EU is not only apart of WTO , but the largest unified group within WTO EU has a little bit more pull than other individual countries b/c they are so large, and a big part of the world economy EU removed tariffs and harsh border control, which allowed for easier trade within Europe and an increase in internal tourism b/c NO passport is required EU has a national budget that is set forth by the European Commission (EC) Wanted financial autonomy

Can any Country in Europe Join? Membership Criteria Candidate Countries Stability of institutions guaranteeing democracy, the rule of law, human rights and respect for and protection of minorities The existence of a functioning market economy as well as the capacity to cope with competitive pressure and market forces within the Union The ability to take on the obligations of membership including adherence to the aims of political, economic & monetary union ex: each states national deficit cannot exceed 3% of their GDP Turkey Croatia Former Yugoslav Republic of Macedonia These countries have applied to be accepted into the EU, and are awaiting approval or denial depending on if the European Commission and European Parliament think they meet the criteria to the left

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