Hauptwache Ffm April 2010 DSC 9367. All values, unless otherwise stated, are in US dollars. The euro, used by 19 of its 28 members, is the second largest reserve currency as well as the second most traded currency in xe markets forex world after the United States dollar.
Euronext is the main stock exchange of the Eurozone and the 7th world largest by market capitalisation. The seven largest trading partners of the European Union are the United States, China, Switzerland, Russia, Japan, Turkey and Norway. The euro is the second-largest reserve currency in the world. Beginning in the year 1999 with some EU member states, now 19 out of 28 EU states use the euro as official currency in a currency union. The remaining 9 states continued to use their own currency with the possibility to join the euro later. The euro is also the most widely used currency in the EU. Since 1992 the Maastricht treaty sets out rigid economic and fiscal convergence criteria for the states joining the euro.
Denmark and the United Kingdom, not members of the eurozone, have special opt-outs concerning the later joining of the euro. 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. Starting with Greece in 2009, five of the 19 eurozone states have been struggling with a sovereign debt crisis, by many called the European debt crisis.
The services sector is by far the most important sector in the European Union, making up 74. GDP, compared to the manufacturing industry with 23. GDP and agriculture with only 1. Financial services are well developed within the Single Market of the Union.
Companies have a greater reliance on bank lending than in the United States, although a shift towards companies raising more funding through capital markets is planned through the Capital Markets Union initiative. The European Union is a major tourist destination, attracting visitors from outside of the Union and citizens travelling inside it. Internal tourism is made more convenient by the Schengen treaty and the euro. France is the world’s number one tourist destination for international visitors, followed by Spain, Italy, the United Kingdom and Germany.
It is worth noting, however, that a significant proportion of international visitors to EU countries are from other member states. Wind power stations in Cerová, Slovakia. The European Union has uranium, coal, oil, and natural gas reserves. There are six oil producers in the European Union, primarily in North Sea oilfields. Much of the difference comes from Russia and the Caspian Sea basin.
The European Union’s member states are the birthplace of many of the world’s largest leading multinational companies, and home to its global headquarters. Many other European companies rank among the world’s largest companies in terms of turnover, profit, market share, number of employees or other major indicators. A considerable number of EU-based companies are ranked among the worlds’ top-ten within their sector of activity. Europe is also home to many prestigious car companies such as BMW, Ferrari, Jaguar, Land Rover, Maserati, Mercedes, Porsche, as well as volume manufacturers such as Fiat, PSA group, Renault and Volkswagen.