The European Union Association in the United States and at the United Nations

The European Union (EU) is a political and economic union of twenty-seven member states of the European continent. It was established in 1993 as a successor to the European Economic Community (EEC) that was formed in 1957.  The 27 member states were gradually accepted to the European Union during this existence while further candidates are under consideration.

 The EU creates a single market by a system of laws which apply in all member states, guaranteeing the freedom of movement of people, goods, services and capital.  Passport control between many member states has been abolished under the Schengen Agreement.  In 1999 the EU introduced a common currency, the Euro, which has been adopted by fifteen member states.  

The European Union’s legislative and administrative power doesn’t supersede that of its member states; an example being the foreign policy.  An attempt to introduce a common constitution was twice rejected; most recently in 2008.  There’re also variations in the adoption of the common currency and border controls.  In general supranational policy is stronger in the areas of economic policy and weaker in the areas of foreign policy and security.

EU's economy in the world 

With almost 500 million citizens the EU generates an estimated 31% share of the world's nominal GDP (€11.45 trillion or US$15.8 trillion) in 2007, 40% of global Mergers & Acquisitions (US$1.4 trillion) and 43% of global import and export trade.  A large part of the trade occurs within the European Union members; outside very significant is the significance of the bilateral trade between the EU and US which in 2007 amounted to US$600 billion; for goods only.  Total external trade of EU and US amounts for 45% of global trade.  EU investment to US represented 42 percent of total global investment flows to the country while at the same time over half of all private direct investment outflows from the United States were directed to the EU.  Transatlantic acquisitions, involving EU and US companies amounted to US$ 330 billion in 2007, a year with the second highest level of M&A value recorded.  Based on 2005 data, US companies employed 3.7 million workers in the EU while EU companies 3.1 million in US.

European Union Member States

EUUSA Newsletter

December 2008 Issue

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