The European Union Background

The European Union Background

• 1.
  The European Union Unioneuropéenne
• 2.
  Brief History • Startedout 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.
  Accession to theEU • 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
• 5.
  European Bodies • EuropeanUnion ▫ 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
• 6.
  European Bodies • SchengenArea ▫ 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
• 7.
  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)
• 8.
  European Union Leaders Presidentof the European Council President of the Commission Herman Van Rompuy José Manuel Barroso
• 9.
  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
• 10.
  European Central Bank •Based in Frankfurt • President is Mario Draghi • It is the Central Bank of 17 Countries • Currently holds €526 billion in reserves