European Union/

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.

$14.89 trillion (2010 est.)

$14.64 trillion (2009 est.)

$15.27 trillion (2008 est.)

$15.9 trillion (2010 est.)

1.7% (2010 est.)

-4% (2009 est.)

0.6% (2008 est.)

$32,900 (2010 est.)

$32,400 (2009 est.)

$33,900 (2008 est.)

225.2 million (2010 est.)

9.5% (2010 est.)

9% (2009 est.)

note - see individual country entries of member states

31 (2005 est.)

31.2 (1996 est.)

18.6% of GDP (2010 est.)

1.7% (2010 est.)

1.8% (2009 est.)

1.75% (31 December 2009)

3% (31 December 2008)

7.52% (31 December 2009 est.)

8.58% (31 December 2008 est.)

$5.542 trillion (31 December 2008)

$5.649 trillion (31 December 2007)

$11.17 trillion (31 December 2008 est.)

$10.83 trillion (31 December 2007 est.)

$22.65 trillion (31 December 2009 est.)

$21.24 trillion (31 December 2008 est.)

$NA (31 December 2009 est.)

$7.564 trillion (31 December 2008)

$15.57 trillion (31 December 2007 est.)

wheat, barley, oilseeds, sugar beets, wine, grapes; dairy products, cattle, sheep, pigs, poultry; fish

among the world’s largest and most technologically advanced, the EU industrial base includes: ferrous and non-ferrous metal production and processing, metal products, petroleum, coal, cement, chemicals, pharmaceuticals, aerospace, rail transportation equipment, passenger and commercial vehicles, construction equipment, industrial equipment, shipbuilding, electrical power equipment, machine tools and automated manufacturing systems, electronics and telecommunications equipment, fishing, food and beverage processing, furniture, paper, textiles, tourism

3.8% (2010 est.)

3.08 trillion kWh (2007 est.)

2.906 trillion kWh (2007 est.)

NA kWh

NA kWh

2.383 million bbl/day (2009 est.)

13.68 million bbl/day (2009 est.)

2.196 million bbl/day (2008 est.)

8.613 million bbl/day (2008 est.)

5.414 billion bbl (1 January 2010 est.)

181.6 billion cu m (2009 est.)

489.4 billion cu m (2009 est.)

NA cu m

NA cu m

2.242 trillion cu m (1 January 2010 est.)

$NA (2009)

$51.4 billion (2009 est.)

$1.952 trillion (2007)

$1.33 trillion (2005)

machinery, motor vehicles, aircraft, plastics, pharmaceuticals and other chemicals, fuels, iron and steel, nonferrous metals, wood pulp and paper products, textiles, meat, dairy products, fish, alcoholic beverages.

$1.69 trillion (2007)

$1.466 trillion (2005)

machinery, vehicles, aircraft, plastics, crude oil, chemicals, textiles, metals, foodstuffs, clothing

$NA

$13.72 trillion (30 June 2010); This is the external debt for the euro area only; it excludes the external debt of the non-euro-area members of the EU

$NA

euros per US dollar - 0.7715 (2010), 0.7338 (2009), 0.6827 (2008), 0.7345 (2007), 0.7964 (2006)