section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  As a continent, the economy of Europe is currently the largest on Earth and it is the richest region as measured by assets under management with over $32.7 trillion compared to North America's $27.1 trillion in 2008. In 2009 Europe remained the wealthiest region. Its $37.1 trillion in assets under management represented one-third of the world's wealth. It was one of several regions where wealth surpassed its precrisis year-end peak. As with other continents, Europe has a large wealth gap among its countries. The richer states tend to be in the Northwest and West in general, followed by Central Europe, while most economies of Eastern and Southeastern Europe are still reemerging from the collapse of the Soviet Union and the breakup of Yugoslavia.
  
  The model of the Blue Banana was designed as an economic geographic representation of the respective economic power of the regions, which was further developed into the Golden Banana or Blue Star. The trade between East and West, as well as towards Asia, which had been disrupted for a long time by the two world wars, new borders and the Cold War, increased sharply after 1989. In addition, there is new impetus from the Chinese Belt and Road Initiative across the Suez Canal towards Africa and Asia.
  
  The European Union, a political entity composed of 27 European states, comprises the largest single economic area in the world. Nineteen EU countries share the euro as a common currency.Five European countries rank in the top ten of the world's largest national economies in GDP (PPP). This includes (ranks according to the CIA): Germany (6), Russia (7), the United Kingdom (10), France (11) and Italy (13).
  
  Some European countries are much richer than others. The richest in terms of nominal GDP is Monaco with its US$185,829 per capita (2018) and the poorest is Ukraine with its US$3,659 per capita (2019).
  
  As a whole, Europe's GDP per capita is US$21,767 according to a 2016 International Monetary Fund assessment.