European Union Overview
The European Union (EU) is an economical and political union of twenty-seven (27) member states. The European Union is not a federation like the United States, nor is it cooperation between governments, like the United Nations. The EU is unique. Never before have countries agreed to delegate some sovereignty so decisions on matters of joint interest can be made democratically at a higher level. All EU decisions and procedures are based on the treaties agreed to by all EU countries.
Through standardized laws the EU has developed a single market. The official currency of the Euro-zone is the Euro, and seventeen of the twenty-seven EU member states have adopted it.
The European Union at a Glance presentation provides a high-level overview of the EU, its citizens, and how it operates.
The US has maintained diplomatic relationships with the European Union since 1953, and the EU and the United States have the largest trade relationship in the world. Combined, the EU and the US economies account for approximately half of the world’s GDP, and the relationship shapes the nature of the global economy as either the EU or the US is also the largest trade and investment partner for almost all other countries in the world.
Investments are the real force behind the US-EU economic relationship. This is demonstrated by the unrivalled levels of mutual investment stocks, reaching over $2.9 trillion in 2009. Total US investment in the EU is three times higher than in all of Asia, and EU investment in the US is around eight times the amount of EU investment in India and China together.
In 2008, European investment in Montana supported an estimated 3,000 jobs. In 2009, Montana’s goods exports to the EU were $159 million. Most of these exports were in chemicals, mining and machinery. Click here to see Montana and EU Trade Stats.