Economy of the European Union

The economy of the European Union generates a GDP of over €12,279.033 billion (US$16,228.23 billion in 2010) according to the IMF, making it the largest economy in the world. The EU economy consists of a single market and the EU is represented as a unified entity in the WTO.

Currency

The official currency of the European Union is the euro, used in all its documents and policies. The Stability and Growth Pact sets out the fiscal criteria to maintain for stability and (economic) convergence. The euro is also the most widely used currency in the EU, which is in use in 17 member states known as the Eurozone. All other member states, apart from Denmark and the United Kingdom, which have special opt-outs, have committed to changing over to the euro once they have fulfilled the requirements needed to do so. Also, Sweden can effectively opt out by choosing when or whether to join the European Exchange Rate Mechanism, which is the preliminary step towards joining. The remaining states are committed to join the Euro through their Treaties of Accession.

Budget

The operation of the EU has an agreed budget of €141 billion for the year 2011, and €862 billion for the period 2007–2013, this represents around 1% of the EU's GDP. By comparison, the UK expenditure for 2004 was estimated at about €759 billion and France's was estimated at about €801 billion. In 1960, the then "EU" (EEC) budget...
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