The European Union (EU) is a supranational political and economic union of 27 member states that are located primarily in Europe. The union has a total area of 4,233,255 km2 (1,634,469 sq mi) and an estimated total population of over 448 million. The EU has often been described as a sui generis political entity combining the characteristics of both a federation and a confederation.
Nomenclature of Territorial Units for Statistics or NUTS is a geocode standard for referencing the administrative divisions of countries for statistical purposes. The standard, adopted in 2003, is developed and regulated by the European Union, and thus only covers the EU member states in detail. The Nomenclature of Territorial Units for Statistics is instrumental in the European Union's Structural Funds and Cohesion Fund delivery mechanisms and for locating the area where goods and services subject to European public procurement legislation are to be delivered.
The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the third largest economy in the world in nominal terms, after the United States and China, and the third one in purchasing power parity (PPP) terms, after China and the United States. The European Union's GDP estimated to be around $16.6 trillion (nominal) in 2022 representing around one sixth of the global economy. Germany has by far the biggest national GDP of all EU countries, followed by France and Italy.
The euro convergence criteria are the criteria European Union member states are required to meet to enter the third stage of the Economic and Monetary Union (EMU) and adopt the euro as their currency. The four main criteria, which actually comprise five criteria as the "fiscal criterion" consists of both a "debt criterion" and a "deficit criterion", are based on Article 140 of the Treaty on the Functioning of the European Union.
The Harmonised Index of Consumer Prices (HICP) is an indicator of inflation and price stability for the European Central Bank (ECB). It is a consumer price index which is compiled according to a methodology that has been harmonised across EU countries. The euro area HICP is a weighted average of price indices of member states who have adopted the euro. The primary goal of the ECB is to maintain price stability, defined as keeping the year on year increase HICP below but close to 2% for the medium term. In order to do that, the ECB can control the short-term interest rate through Eonia, the European overnight index average, which affects market expectations. The HICP is also used to assess the convergence criteria on inflation which countries must fulfill in order to adopt the euro. In the United Kingdom, the HICP is called the CPI and is used to set the inflation target of the Bank of England.
Latvia replaced its previous currency, the lats, with the euro on 1 January 2014, after a European Union (EU) assessment in June 2013 asserted that the country had met all convergence criteria necessary for euro adoption. The adoption process began 1 May 2004, when Latvia joined the European Union, entering the EU's Economic and Monetary Union. At the start of 2005, the lats was pegged to the euro at Ls 0.702804 = €1, and Latvia joined the European Exchange Rate Mechanism, four months later on 2 May 2005.
The budget of the European Union is used to finance EU funding programmes and other expenditure at the European level.
Romania's national currency is the leu. After Romania joined the European Union (EU) in 2007, the country became required to replace the leu with the euro once it meets all four euro convergence criteria, as stated in article 140 of the Treaty on the Functioning of the European Union. As of 2022, the only currency on the market is the leu and the euro is not yet used in shops. The Romanian leu is not part of the European Exchange Rate Mechanism, although Romanian authorities are working to prepare the changeover to the euro. To achieve the currency changeover, Romania must undergo at least two years of stability within the limits of the convergence criteria. The current Romanian government established a self-imposed criterion to reach a certain level of real convergence as a steering anchor to decide the appropriate target year for ERM II membership and Euro adoption. In March 2018, the National Plan for the Adoption of the Euro scheduled the date for euro adoption in Romania as 2024. Nevertheless, in early 2021, this date was postponed to 2027 or 2028, and once again to 2029 in late 2021 and then pushed to 2026.
Sweden does not currently use the euro as its currency and has no plans to replace the existing Swedish krona in the near future. Sweden's Treaty of Accession of 1994 made it subject to the Treaty of Maastricht, which obliges states to join the eurozone once they meet the necessary conditions. Sweden maintains that joining the European Exchange Rate Mechanism II, participation in which for at least two years is a requirement for euro adoption, is voluntary, and has chosen to remain outside pending public approval by a referendum, thereby intentionally avoiding the fulfilment of the adoption requirements.
The United Kingdom did not seek to adopt the euro as its official currency for the duration of its membership of the European Union (EU), and secured an opt-out at the euro's creation via the Maastricht Treaty in 1992, wherein the Bank of England would only be a member of the European System of Central Banks.
Denmark uses the krone as its currency and does not use the euro, having negotiated the right to opt out from participation under the Maastricht Treaty of 1992. In 2000, the government held a referendum on introducing the euro, which was defeated with 53.2% voting no and 46.8% voting yes. The Danish krone is part of the ERM II mechanism, so its exchange rate is tied to within 2.25% of the euro.
The enlargement of the eurozone is an ongoing process within the European Union (EU). All member states of the European Union, except Denmark which negotiated an opt-out from the provisions, are obliged to adopt the euro as their sole currency once they meet the criteria, which include: complying with the debt and deficit criteria outlined by the Stability and Growth Pact, keeping inflation and long-term governmental interest rates below certain reference values, stabilising their currency's exchange rate versus the euro by participating in the European Exchange Rate Mechanism, and ensuring that their national laws comply with the ECB statute, ESCB statute and articles 130+131 of the Treaty on the Functioning of the European Union. The obligation for EU member states to adopt the euro was first outlined by article 109.1j of the Maastricht Treaty of 1992, which became binding on all new member states by the terms of their treaties of accession.
The demographics of the European Union show a highly populated, culturally diverse union of 27 member states. As of 1 January 2023, the population of the EU is slightly over 448 million people.
Gross national income at market prices in the European Union of 27 Member States (GNI) amounted to EUR 44.778 per inhabitant in 2020.
System of Environmental-Economic Accounting (SEEA) is a framework to compile statistics linking environmental statistics to economic statistics. SEEA is described as a satellite system to the United Nations System of National Accounts (SNA). This means that the definitions, guidelines and practical approaches of the SNA are applied to the SEEA. This system enables environmental statistics to be compared to economic statistics as the system boundaries are the same after some processing of the input statistics. By analysing statistics on the economy and the environment at the same time it is possible to show different patterns of sustainability for production and consumption. It can also show the economic consequences of maintaining a certain environmental standard.
Relations between the European Union (EU) and the United Kingdom of Great Britain and Northern Ireland (UK) are governed, since 1 January 2021, by the EU–UK Trade and Cooperation Agreement (TCA).
The Macroeconomic Imbalance Procedure (MIP) was introduced by the European Union in autumn 2011 amidst the economic and financial crisis, and entered into force on 13 December 2011. It is designed to prevent and correct risky macroeconomic developments, such as high current account deficits, unsustainable external indebtedness and housing bubbles. The MIP is part of the EU's so-called "Sixpack" legislation, which aims to reinforce the monitoring and surveillance of macroeconomic policies in the EU and the euro area.
CMFB, in the context of European statistics, stands for Committee on Monetary, Financial and Balance of Payments Statistics. Originally established in 1991, the Committee is an advisory committee for the European Commission (Eurostat) and European Central Bank and a platform for cooperation between the statistical and central banking community in Europe.
The Joint Harmonised EU Programme of Business and Consumer Surveys consists of economic tendency surveys which are conducted in all EU Member States and candidate countries. Based on the results of the surveys, a set of harmonized economic indicators is calculated for all participating countries, typically used for analysis and short-term forecasting of economic developments, as well as economic research. Furthermore, the indicators lend themselves to detecting turning points in the business cycle and are a complement to official statistical data on economic developments, which are released with a significantly longer time-lag .
Migration and asylum policy of the European Union - is a policy within the area of freedom, security and justice, established to develop and harmonise principles and measures used by member countries of the European Union to regulate migration processes and to manage issues concerning asylum and refugee status in the European Union, in particular in the Schengen Area.
