1.1. The European Union (EU)

♤ The European Union has evolved into a hybrid intergovernmental and supranational organization of 28 countries across the European continent

♤ With a population of 516,195,432, it constitutes an important market.

♤ With just 6,9% of the world’s population, the EU's trade with the rest of the world accounts for around 20% of global exports and imports.

♤ Over 62% of EU countries’ total trade is done with other EU countries.

♤ A common currency – The Euro as a common currency circulates among 19 of the member states known as the Eurozone, under the auspices of the European Economic and Monetary Union (EMU).

o Eleven members states introduced the euro as their common currency on 1 January 1999. Greece in 2001.

o Slovenia (2007), Cyprus and Malta (2008), Slovakia (2009), Estonia (2011), Latvia (2014), and Lithuania (2015) have adopted the euro;

o 7 other member states - not including the UK nor Denmark, which have formal opt-outs

- are required by EU treaties to adopt the common currency upon meeting fiscal and monetary convergence criteria.

♤ The total GDP of EU countries stood at GDP PPP: $19.97 trillion (2016 est.) or GDP Official Exchange rate: $16.52 trillion (2016 est.)

♤ With a GDP Per Capita: of $39,200 (2016 est.) EU ranks amongs the most prosperous regions in the world

♤ The Schengen Area is one of the greatest achievements of the EU. It is an area without internal borders, an area within which citizens, many non-EU nationals, business people and tourists can freely circulate without being subjected to border checks.Since 1985, it has gradually grown and encompasses today almost all EU States and a few associated non-EU countries.

♤ Joining the EU: Any country that satisfies the conditions for membership can apply. These conditions are known as the ‘Copenhagen criteria’ and include a free-market economy, a stable democracy and the rule of law, and the acceptance of all EU legislation, including of the euro.