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European Union
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Last Updated: Nov 6th, 2006 - 10:50:18 |
Domestically, the European Union attempts to lower trade barriers, adopt a common currency, and move 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 (from $15,000 to $56,000) and historic national animosities, the European Community faces difficulties in devising and enforcing common policies. For example, since 2003 Germany and France have flouted the member states' treaty obligation to prevent their national budgets from running more than a 3% deficit. In 2004, the EU admitted 10 central and eastern European countries that are, in general, less advanced technologically and economically than the other 15. Twelve EU member states introduced the euro as their common currency on 1 January 1999, but the UK, Sweden, and Denmark do not participate. The 10 new member states may choose to adopt the euro when they meet the EU's fiscal and monetary criteria and the other euro states so agree.
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2006 by Classbrain.com
Keywords: European Union economic overview, European Union, economy, economic overview, ClassBrain, Country Reports,
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