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The Impact of the EU on the Global Economy

One of the more interesting trends that have occurred in recent times has been the unification of sovereign nations for the purposes, in part, of economic advancement. One of the most significant unifications that has occurred in recent years is the creation and the development of the European Union or the EU. The EU actually has had a tremendous impact on the global economy. Through this article, an overview of the impact of the EU on the global economy in the 21st is considered, discussed and analyzed.

The EU formally has been described as:

The European Union is an intergovernmental union of twenty seven democratic member states of Europe. The European Union was established with that name in the year 1992 by Treaty on European Union (Maastricht Treaty). Several aspects of the European Union existed before that time through a series of predating relationships, dating back to the year 1951.

When it comes to the global economy and the EU, the EU is the largest political -- and economic -- entity in all of Europe. The EU is comprised of 493 million people. Moreover, the gross domestic product of the EU was approximately $14 trillion in 2006.

Also when considering the EU's place in the overall global economy, these countries of the EU now comprise a single market with a single customs union and a common trade policy. Of course, the EU has a common currency which is known as the euro.

What is most important about the EU in light of the global economy is the fact that it is the largest economy in the world today. According to the EU, the ultimate goal of the EU when it comes to the global economy is to become the “most dynamic and competitive economy” on the planet no later than 2010.

Non-EU nations are being added to the EU over time. More nations are expected to gain admission to the EU in the future … indeed, there are some countries that are in the process of gaining admission to the EU at the present time, including some of the poorer nations on the continent a the present time.

In the end, with the recognized goal of the EU in mind, the EU really is expected to continue to be a major -- if not the major -- player in the overall global economy today and into the future. Indeed, other nations in the world are working to follow the successful lead of the EU in the future. Most particularly, the African Union -- the AU -- is trying to retrace the steps of the AU and to raise the power of the African continent in the global economy.