The $16 Trillion European Union Economy

The European Union has the third-largest economy in the world, accounting for one-sixth of global trade. All together, 27 member countries make up one internal market allowing free movement of goods, services, capital and people.

But how did this sui generis (a class by itself) political entity come into being?

A Brief History of the EU

After the devastating aftermath of the World War II, Western Europe saw a concerted move towards regional peace and security by promoting democracy and protecting human rights.

Crucially, the Schuman Declaration was presented in 1950. The coal and steel industries of Western Europe were integrated under common management, preventing countries from turning on each other and creating weapons of war. Six countries signed on — the eventual founders of the EU.

Here’s a list of all 27 members of the EU and the year they joined.

Country	Year of entry
Belgium	1958
France	1958
Germany	1958
Italy	1958
Luxembourg	1958
Netherlands	1958
Denmark	1973
Ireland	1973
Greece	1981
Portugal	1986
Spain	1986
Austria	1995
Finland	1995
Sweden	1995
Cyprus	2004
Czechia	2004
Estonia	2004
Hungary	2004
Latvia	2004
Lithuania	2004
Malta	2004
Poland	2004
Slovakia	2004
Slovenia	2004
Bulgaria	2007
Romania	2007
Croatia	2013

Greater economic and security cooperation followed over the next four decades, along with the addition of new members. These tighter relationships disincentivized conflict, and Western Europe—after centuries of constant war—has seen unprecedented peace for the last 80 years.

The modern version of the (Read more...)