The economy of the European Union is the joint economy of the member states of the European Union (EU). European Union. It became the European Economic Community in 1957 under the Treaty of Rome and, subsequently, became the European Community (EC)., The early focus of the EC was a common agricultural policy as well as the elimination of customs barriers. , EU's investments in foreign countries total $9.1 trillion, while the foreign investments made in the European Union total $5.1 trillion in 2012, by far the highest foreign and domestic investments in the world. "GDP (Current US$)." "The IMF and the Greek Crisis: Myths and Realities."  The European Union's largest trading partners are the United States, China, the United Kingdom, Switzerland, Russia, Turkey, Japan, Norway, South Korea, India, and Canada. not based on objective and uniform criteria across Europe), and is decided at European level (See also: Regions of the European Union). Residents of the first European Union countries that adopted the euro began using the banknotes and coins on January 1, 2002. One problem with this data is that some areas are subject to a large number of commuters coming into the area, thereby artificially inflating the figures. Prices fell for both energy (-8.3 percent vs -8.2 percent in October) and non-energy industrial goods (-0.3 percent vs -0.1 percent). The euro is the second largest reserve currency and the second most traded currency in the world after the United States dollar. The Dollar As Leading Reserve Currency", "There Are Only Two Real Threats to the US Dollar's Status As The International Reserve Currency", https://www.cia.gov/library/publications/the-world-factbook/geos/ee.html, "GINI index (World Bank estimate) | Data", "Romania becomes third eastern European EU country to be bailed out", © European Union, Integrated Financial Reporting Package Overview, Financial year 2017, Special European Council, 17-21 July 2020, "Europäische Union: Anteile der Wirtschaftssektoren am Bruttoinlandsprodukt (BIP) von 2004 bis 2014", Conference Report: European Financial Market Integration, "The legal and regulatory aspects of the free movement of capital - towards the Capital Markets Union", "EU's capital markets union 2.0, explained", "EU's Dombrovskis ignites fresh row over City's market access post-Brexit", "Fortune Global 500 List 2017: See Who Made It", "Macroeconomic Legal Trends in the EU11 Countries", "GDP and employment flash estimates for the fourth quarter of 2019", "Gross domestic product at market prices (Current prices and per capita)", "Government deficit, excluding support for financial institutions", "General government gross debt – annual data", "EU-Korea FTA Will Be a Long Process: Greek Ambassador", "Top Trading Partners 2017 – Trade Statistics", "Extra-EU27 trade, by main partners, total product", http://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-063317_QID_-63BADB2E_UID_-3F171EB0&layout=TIME,C,X,0;GEO,L,Y,0;INDIC_ET,L,Z,0;SITC06,L,Z,1;PARTNER,L,Z,2;INDICATORS,C,Z,3;&zSelection=DS-063317INDIC_ET,MIO_BAL_VAL;DS-063317PARTNER,EXT_EU28;DS-063317INDICATORS,OBS_FLAG;DS-063317SITC06,TOTAL;&rankName1=PARTNER_1_2_-1_2&rankName2=SITC06_1_2_-1_2&rankName3=INDIC-ET_1_2_-1_2&rankName4=INDICATORS_1_2_-1_2&rankName5=TIME_1_0_0_0&rankName6=GEO_1_2_0_1&sortC=ASC_-1_FIRST&rStp=&cStp=&rDCh=&cDCh=&rDM=true&cDM=true&footnes=false&empty=false&wai=false&time_mode=NONE&time_most_recent=false&lang=EN&cfo=%23%23%23%2C%23%23%23.%23%23%23, "Regional GDP per capita ranged from 30% to 263% of the EU average in 2018", http://epp.eurostat.ec.europa.eu/extraction/retrieve/en/theme1/reg/reg_e3gdp?OutputDir=EJOutputDir_349&user=unknown&clientsessionid=19A1061DE7EB55F2E04BD008A91F53DF.extraction-worker-1&OutputFile=reg_e3gdp.htm&OutputMode=U&NumberOfCells=3868&Language=en&OutputMime=text%2Fhtml&, Link to non-Eurozone EU15 countries Growth Rates, European Commission – Economic and Financial Affairs, Eurostat – Statistics Explained – All articles on economy and finance, Economic and Financial Affairs Commissioner, European Coal and Steel Community (1951–2002), European Economic Community (1958–1993/2009), Mechanism for Cooperation and Verification, Cities with more than 100,000 inhabitants, Largest cities by population within city limits, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, Regional Comprehensive Economic Partnership, South Asian Association for Regional Cooperation, Customs Union of Belarus, Kazakhstan, and Russia, Cooperation Council for the Arab States of the Gulf, Economic and Monetary Community of Central Africa, https://en.wikipedia.org/w/index.php?title=Economy_of_the_European_Union&oldid=1001892207, Articles tagged for attention after Brexit, World Trade Organization member economies, Short description is different from Wikidata, Articles with unsourced statements from September 2016, Creative Commons Attribution-ShareAlike License, machinery, motor vehicles, pharmaceuticals and other chemicals, fuels, aircraft, plastics, iron and steel, wood pulp and paper products, alcoholic beverages, furniture, fuels and crude oil, machinery, vehicles, pharmaceuticals and other chemicals, precious gemstones, textiles, aircraft, plastics, metals, ships, Officially the Republic of China, participates as ", This page was last edited on 21 January 2021, at 21:33. 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