Category: European Union

EU Divided Over Banking Union Ahead of Summit


European leaders are scheduled to meet in Brussels today for a two-day summit, but early reports have revealed deep and uncomfortable divisions over a proposed banking union that is intended to underpin the eurozone.

In particular, member states are divided over the timeline and scope of the banking union.

In a radical policy shift, the European Commission had in May called for the creation of a banking union that can centrally oversee and if necessary bailout the banking sector without having to go through national governments.

Greece and Spain “in Depression, Not Recession”: Stiglitz


Nobel Prize laureate Joseph Stiglitz has described the Spanish and Greek economies as being in a state of depression, an impact which he says was brought about by Europe’s austerity-driven approach to the region’s debt crisis.

Speaking at a conference organized by the Organisation of Economic Cooperation and Development, Stiglitz expressed pessimism for the eurozone crisis, saying he sees “significant risk of continuing turmoil.”

Germany and France Pledge to Strengthen Ties


German Chancellor Angela Merkel and her French counterpart Francois Hollande pledged over the weekend to strengthen ties between the two countries, stressing that Europe must further deepen its political and economic integration to ensure peace and continuous prosperity across the continent.

Speaking at the 50th anniversary of their countries’ reconciliation following the end of the Second World War, the two leaders said they remain committed in tackling Europe’s problems, particularly eurozone’s spiraling debt crisis.

EU To Permit Unapproved GMOs in Food Imports


The European Union will begin drafting new rules that will allow for trace amounts of unapproved genetically modified organisms (GMOs) to be present in food imports to the region, reported Reuters on Monday, in a move they claim is necessary in order to avoid disruptions in global food supply chains.

European Union Economic Forecast


The European Union is an economic and political union made up of 27 member states which are mainly from Europe. The European Union was formed upon the inauguration of the Maastricht Treaty in 1993, with the aim of fortifying Europe’s trade, economic and political power, with the removal of trade barriers and adoption of a common currency, the euro. 



European Union Economic Forecast


The European Union is an economic and political union made up of 27 member states which are mainly from Europe. The European Union was formed upon the inauguration of the Maastricht Treaty in 1993, with the aim of fortifying Europe’s trade, economic and political power, with the removal of trade barriers and adoption of a common currency, the euro.

European Union Export, Import & Trade


European Union Import and Indicators and Statistics at a Glance (2010) 

Total value of exports: US$1.952 trillion (last available data from 2007)

Primary exports – commodities: 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. 

Total value of imports: US$1.69 trillion (last available data from 2007)

European Union Economy


European Union economy constitutes of economies of 27 states. European Union economy recognized as one of the developed economies of the world. With a GDP of US $13.06 trillion, European Union economy ranks first in the list of world economies.