The European Union : An Overview

1941 Words Dec 9th, 2016 8 Pages
The European Union: An Overview
The European economy, better known as the European Union, is certainly one of the world’s powerhouse economies, with its gross domestic product measuring at a total of 16.27 trillion in U.S. dollars in 2015 (CIA, n. pag.). This powerhouse economy still makes up about 20 percent of the world’s exports and imports, but Europe’s trading industry is not the only thing that makes the European economy special. The European Union does not include every European country, but it is made up of a great total of twenty-eight countries such as Great Britain, Italy, Romania, etc. (“The EU in brief” n. pag.). In this paper, I will be discussing the state of the European Union and its current policies. Countries outside of the European Union will also be deliberated. Finally, I will be comparing those policies to that of the United States. The European Union was formally created in 1993, but its roots reflect back all the way to the end of World War II. Its first priority was to form an economic union that consisted of members dependent on each other for trading purposes to avoid potential conflict. Now this political and economic union has developed into a representative democracy aimed to govern its current members (“The EU in brief” n. pag.).

Along with many other economies, including the United States, the EU took a hard economic hit during the global economic crisis of 2008, but it seems to be recovering well with its current GDP growth…

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