Economy of the European Union

Uncommon card · No. 87014

The European Union's economy combines the national economies of the supranational organization's member states. It makes up the majority of the European economy as the second largest economy in the world in nominal terms, after the United States. By purchasing power parity (PPP), the EU economy is the third-largest and generates one-sixth of global economic output. Within the EU, Germany, France, Italy and Spain are the four largest economies. The EU economy consists of an internal market of mixed economies based on free market and advanced social models. The EU is one of the world's largest trading entities, with Germany and France serving as the primary economic powerhouses in terms of both exports and imports. The EU's largest trading partners are China, the U.S., the United Kingdom, Switzerland, and Russia. Many EU states operate within the Eurozone – using the euro – the second largest and second most-traded reserve currency in the world after the United States dollar. The EU banking...

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