The

European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...

has a number of relationships with foreign states. According to the European Union's official site, and a statement by

Commissioner A commissioner (commonly abbreviated as Comm'r) is, in principle, a member of a commission or an individual who has been given a commission (official charge or authority to do something). In practice, the title of commissioner has evolved to incl ...

Günter Verheugen Günter Verheugen (; born 28 April 1944) is a German politician who served as European Commissioner for Enlargement from 1999 to 2004, and then as European Commissioner for Enterprise and Industry from 2004 to 2010. He was also one of five vic ...

, the aim is to have a ring of countries, sharing EU's democratic ideals and joining them in further integration without necessarily becoming full member states.

EFTA and EEA

The

European Free Trade Association The European Free Trade Association (EFTA) is a regional trade organization and free trade area consisting of four List of sovereign states and dependent territories in Europe, European states: Iceland, Liechtenstein, Norway and Switzerland. ...

(EFTA) was created to allow European countries to partake in a free trade area with less integration as within the

European Communities The European Communities (EC) were three international organizations that were governed by the same set of Institutions of the European Union, institutions. These were the European Coal and Steel Community (ECSC), the European Atomic Energy Co ...

(later European Union). Most of the countries initially in EFTA have since joined the EU itself, so only four remain outside,

Norway Norway, officially the Kingdom of Norway, is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. The remote Arctic island of Jan Mayen and the archipelago of Svalbard also form part of the Kingdom of ...

Iceland Iceland is a Nordic countries, Nordic island country between the Atlantic Ocean, North Atlantic and Arctic Oceans, on the Mid-Atlantic Ridge between North America and Europe. It is culturally and politically linked with Europe and is the regi ...

Liechtenstein Liechtenstein (, ; ; ), officially the Principality of Liechtenstein ( ), is a Landlocked country#Doubly landlocked, doubly landlocked Swiss Standard German, German-speaking microstate in the Central European Alps, between Austria in the east ...

and

Switzerland Switzerland, officially the Swiss Confederation, is a landlocked country located in west-central Europe. It is bordered by Italy to the south, France to the west, Germany to the north, and Austria and Liechtenstein to the east. Switzerland ...

. The

European Economic Area The European Economic Area (EEA) was established via the ''Agreement on the European Economic Area'', an international agreement which enables the extension of the European Union's single market to member states of the European Free Trade Asso ...

(EEA) agreement allows Norway, Iceland and Liechtenstein to have access to the EU's internal market and vice versa. The four basic freedoms (goods, services, people, and capital) apply. However, some restrictions on fisheries and agriculture take place.

Norway

is a member of the EEA, therefore it participates in the single market, and most EU laws are made part of Norwegian law. Norway has signed the

Schengen treaty The Schengen Agreement ( , ) is a treaty which led to the creation of Europe's Schengen Area, in which internal border checks have largely been abolished. It was signed on 14 June 1985, near the town of Schengen, Luxembourg, by five of the t ...

, which means border checks are no longer made.

Iceland

Like Norway,

joined the EEA, and is considered part of the

European Single Market The European single market, also known as the European internal market or the European common market, is the single market comprising mainly the member states of the European Union (EU). With certain exceptions, it also comprises Iceland, ...

. Iceland has also signed the Schengen treaty. In 2009 Iceland applied to join the Union but the application was controversial and the Icelandic government withdrew it in 2015.

Liechtenstein

joined the EEA in 1995 and participates in the European Single Market.

Switzerland

The

Swiss Swiss most commonly refers to: * the adjectival form of Switzerland * Swiss people Swiss may also refer to: Places * Swiss, Missouri * Swiss, North Carolina * Swiss, West Virginia * Swiss, Wisconsin Other uses * Swiss Café, an old café located ...

referendum to join the EEA in 1992 failed, so Swiss products do not participate in the European Single Market. However the country negotiated two series of bilateral agreements with the Union. The first series, Bilateral Agreements I, consists of seven bilateral agreements and was signed in 1999 (entry into force in 2001), the main part being Free Movement of Persons
full text of the agreement
. The second series, Bilateral Agreements II, relates to nine areas and was signed in 2004 (entered into full force on 30 March 2005) and includes the Schengen treaty and the Dublin Convention
full text of the agreement

official press release
.

Eurozone-related

There are four

European microstates A European microstate or European ministate is a very small sovereign state in Europe. In modern usage, it typically refers to the six smallest states in Europe by area: Andorra, Liechtenstein, Malta, Monaco, San Marino, and Vatican City. Andor ...

which are neither EU member-states nor full

eurozone The euro area, commonly called the eurozone (EZ), is a Monetary union, currency union of 20 Member state of the European Union, member states of the European Union (EU) that have adopted the euro (Euro sign, €) as their primary currency ...

members, but nevertheless use and mint the

euro The euro (currency symbol, symbol: euro sign, €; ISO 4217, currency code: EUR) is the official currency of 20 of the Member state of the European Union, member states of the European Union. This group of states is officially known as the ...

as their legal currency under official agreements with the EU. All of them previously used the national currencies of their larger neighbours, Italy, France and Spain, which have since all become eurozone-members. * : San Marino is not a member state of the EU, but had a special agreement with

Italy Italy, officially the Italian Republic, is a country in Southern Europe, Southern and Western Europe, Western Europe. It consists of Italian Peninsula, a peninsula that extends into the Mediterranean Sea, with the Alps on its northern land b ...

to mint a limited number of its own lira coins. There is an agreement to mint its own euro coins (limited) which are legal tender in the eurozone. * : The Vatican City is not part of the EU, but had a special agreement with

to mint a limited number of its own lira coins. There is an agreement to mint its own euro coins (limited) which are legal tender in the eurozone. * : Monaco is not a member state of the EU, it had a special agreement with France to mint its own franc coins. There is an agreement to mint its own euro coins (limited), which are legal tender in the eurozone. * : Andorra is not part of the EU. In the 20th century, both the

French franc The franc (; , ; currency sign, sign: F or Fr), also commonly distinguished as the (FF), was a currency of France. Between 1360 and 1641, it was the name of coins worth 1 livre tournois and it remained in common parlance as a term for this amoun ...

and

Spanish peseta The peseta (, ) was the currency of Spain between 1868 and 2002. Along with the French franc, it was also a de facto currency, ''de facto'' currency used in Andorra (which had no national currency with legal tender). Etymology The name of the ...

were used and accepted in Andorra, but the peseta was more widespread There is an agreement to mint its own euro coins (limited) which are legal tender in the eurozone. In addition, two dependent territories outside of the EU use the euro as their currency under agreements with the EU, though without minting their own euro coins: * is not a part of the EU, but there is an agreement with the EU to use euro as its currency, though without minting own euro coins. The French franc was used there before. * is not a part of the EU, but there is an agreement between the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotlan ...

and the EU to use euro as its currency, though without minting own euro coins. The

Cypriot pound The pound, or lira (, plural , and , , from the Latin language, Latin via the Italian language, Italian ; Currency symbol, sign: £, sometimes £C for distinction), was the currency of Cyprus, including the Sovereign Base Areas in Akrotiri and D ...

was used there before. Some other countries unilaterally decided to use the euro as their de facto currency without having currently a formal agreement with the EU.

Customs unions

Certain countries and territories are in customs union with the EU. These are: *: relations between the Principality of Monaco and the EU are primarily conducted through

France France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...

. Through that relationship

Monaco Monaco, officially the Principality of Monaco, is a Sovereign state, sovereign city-state and European microstates, microstate on the French Riviera a few kilometres west of the Regions of Italy, Italian region of Liguria, in Western Europe, ...

directly participates in certain EU policies, including being an integral part of the EU customs territory and VAT area.The EU's relations with Monaco
''

European External Action Service The European External Action Service (EEAS) is the diplomatic service in charge of executing all Foreign relations of the European Union, international relations of the European Union. The EEAS is led by the Vice-President of the European Co ...

'', September 2011 * ( excluding agricultural products; since 1996) * (excluding agricultural products; since 1991) * (signed in 1991 and in force since 2002) * are partially part of the

European Union Customs Union The European Union Customs Union (EUCU), formally known as the Community Customs Union, is a customs union which consists of all the member states of the European Union (EU), Monaco, and the British Overseas Territory of Akrotiri and Dheke ...

in three domains:

VAT A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared wi ...

, agriculture and fisheries.

European Union free trade agreements

The EU has concluded free trade agreements with many countries in the world, and is negotiating with more through the

Stabilisation and Association Process In talks with countries that have expressed a wish to join the European Union, the EU typically concludes Association Agreements in exchange for commitments to political, economic, trade, or human rights reform in that country. In exchange, th ...

Eastern Partnership The Eastern Partnership (EaP) is a joint initiative of the European Union, together with its member states, and six Eastern Europe, Eastern European countries. The EaP framework governs the EU's relationship with the post-Soviet states of Armen ...

, Association Agreements and

Economic Partnership Agreements Economic Partnership Agreements (EPAs) are a scheme to create a free trade area (FTA) between the European Union and other countries. They are a response to continuing criticism that the non-reciprocal and discriminating Preferential trading are ...

European Neighbourhood Policy

''Covers

Morocco Morocco, officially the Kingdom of Morocco, is a country in the Maghreb region of North Africa. It has coastlines on the Mediterranean Sea to the north and the Atlantic Ocean to the west, and has land borders with Algeria to Algeria–Morocc ...

Algeria Algeria, officially the People's Democratic Republic of Algeria, is a country in the Maghreb region of North Africa. It is bordered to Algeria–Tunisia border, the northeast by Tunisia; to Algeria–Libya border, the east by Libya; to Alger ...

Tunisia Tunisia, officially the Republic of Tunisia, is a country in the Maghreb region of North Africa. It is bordered by Algeria to the west and southwest, Libya to the southeast, and the Mediterranean Sea to the north and east. Tunisia also shares m ...

Libya Libya, officially the State of Libya, is a country in the Maghreb region of North Africa. It borders the Mediterranean Sea to the north, Egypt to Egypt–Libya border, the east, Sudan to Libya–Sudan border, the southeast, Chad to Chad–L ...

Egypt Egypt ( , ), officially the Arab Republic of Egypt, is a country spanning the Northeast Africa, northeast corner of Africa and Western Asia, southwest corner of Asia via the Sinai Peninsula. It is bordered by the Mediterranean Sea to northe ...

Jordan Jordan, officially the Hashemite Kingdom of Jordan, is a country in the Southern Levant region of West Asia. Jordan is bordered by Syria to the north, Iraq to the east, Saudi Arabia to the south, and Israel and the occupied Palestinian ter ...

Lebanon Lebanon, officially the Republic of Lebanon, is a country in the Levant region of West Asia. Situated at the crossroads of the Mediterranean Basin and the Arabian Peninsula, it is bordered by Syria to the north and east, Israel to the south ...

Syria Syria, officially the Syrian Arab Republic, is a country in West Asia located in the Eastern Mediterranean and the Levant. It borders the Mediterranean Sea to the west, Turkey to Syria–Turkey border, the north, Iraq to Iraq–Syria border, t ...

Israel Israel, officially the State of Israel, is a country in West Asia. It Borders of Israel, shares borders with Lebanon to the north, Syria to the north-east, Jordan to the east, Egypt to the south-west, and the Mediterranean Sea to the west. Isr ...

Palestinian Authority The Palestinian Authority (PA), officially known as the Palestinian National Authority (PNA), is the Fatah-controlled government body that exercises partial civil control over the Palestinian enclaves in the Israeli occupation of the West Bank, ...

Moldova Moldova, officially the Republic of Moldova, is a Landlocked country, landlocked country in Eastern Europe, with an area of and population of 2.42 million. Moldova is bordered by Romania to the west and Ukraine to the north, east, and south. ...

Ukraine Ukraine is a country in Eastern Europe. It is the List of European countries by area, second-largest country in Europe after Russia, which Russia–Ukraine border, borders it to the east and northeast. Ukraine also borders Belarus to the nor ...

Georgia Georgia most commonly refers to: * Georgia (country), a country in the South Caucasus * Georgia (U.S. state), a state in the southeastern United States Georgia may also refer to: People and fictional characters * Georgia (name), a list of pe ...

Armenia Armenia, officially the Republic of Armenia, is a landlocked country in the Armenian Highlands of West Asia. It is a part of the Caucasus region and is bordered by Turkey to the west, Georgia (country), Georgia to the north and Azerbaijan to ...

Azerbaijan Azerbaijan, officially the Republic of Azerbaijan, is a Boundaries between the continents, transcontinental and landlocked country at the boundary of West Asia and Eastern Europe. It is a part of the South Caucasus region and is bounded by ...

Belarus Belarus, officially the Republic of Belarus, is a landlocked country in Eastern Europe. It is bordered by Russia to the east and northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest. Belarus spans an a ...

, and

Russia Russia, or the Russian Federation, is a country spanning Eastern Europe and North Asia. It is the list of countries and dependencies by area, largest country in the world, and extends across Time in Russia, eleven time zones, sharing Borders ...

(through the formation of common spaces).'' According to the European Union's official site, the objective of the

European Neighbourhood Policy The European Neighbourhood Policy (ENP) is a foreign relations instrument of the European Union (EU) which seeks to tie those countries to the east and south of the European territory of the EU to the Union. These countries include some who seek ...

(ENP) is to share the benefits of the EU's 2004 enlargement with neighbouring countries. It is also designed to prevent the emergence of new dividing lines between the enlarged EU and its neighbours. The vision is that of a ring of countries, drawn into further integration, but without necessarily becoming full members of the European Union. The policy was first outlined by the

European Commission The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...

in March 2003. The countries covered include all of the

Mediterranean The Mediterranean Sea ( ) is a sea connected to the Atlantic Ocean, surrounded by the Mediterranean basin and almost completely enclosed by land: on the east by the Levant in West Asia, on the north by Anatolia in West Asia and Southern ...

shores of Africa and Asia, as well as the European CIS states (with the exception of Russia and

Kazakhstan Kazakhstan, officially the Republic of Kazakhstan, is a landlocked country primarily in Central Asia, with a European Kazakhstan, small portion in Eastern Europe. It borders Russia to the Kazakhstan–Russia border, north and west, China to th ...

) in the

Caucasus The Caucasus () or Caucasia (), is a region spanning Eastern Europe and Western Asia. It is situated between the Black Sea and the Caspian Sea, comprising parts of Southern Russia, Georgia, Armenia, and Azerbaijan. The Caucasus Mountains, i ...

and eastern Europe.

insisted on the creation of the four EU–Russia Common Spaces instead of ENP participation. Kazakhstan's Foreign Ministry has expressed interest in the ENP''

Some Member of the European Parliament, MEPs also discussed Kazakhstan's inclusion in the ENP.Kazakhstan
/ref> The

European Neighbourhood Instrument The European Neighbourhood Instrument (ENI) came into force in 2014. It was the financial arm of the European Neighbourhood Policy, the EU's foreign policy towards its neighbours to the East and to the South. It had a number of programmes. In 2021, ...

(ENI), came into force in 2014. It is the financial arm of the European Neighbourhood Policy, the EU's foreign policy towards its neighbours to the East and to the South. It has a budget of €15.4 billion and provides the bulk of funding through a number of programmes. The ENI, effective from 2014 to 2020, replaces the European Neighbourhood and Partnership Instrument – known as the ENPI. The Euro-Mediterranean Partnership or Barcelona Process is a wide framework of political, economic and social relations between member states of the EU and countries of the Southern Mediterranean. It was initiated on 27–28 November 1995 through a conference of Ministers of Foreign Affairs, held in

Barcelona Barcelona ( ; ; ) is a city on the northeastern coast of Spain. It is the capital and largest city of the autonomous community of Catalonia, as well as the second-most populous municipality of Spain. With a population of 1.6 million within c ...

. Besides the 27 member states of the European Union, the remaining "Mediterranean Partners" are all other Mediterranean countries without

(which has had 'observer status' since 1999). Since the establishment of the European Neighbourhood and Partnership Instrument in 2007 (see below) the Euro-Mediterranean Partnership initiative will become fully a part of the wider

. The Association Agreements signed with the Mediterranean states aim at establishing of a Euro-Mediterranean free trade area.

Financial cooperation and assistance programmes

For the 2000–2006 budgetary period

CARDS programme

CARDS, short for "Community Assistance for Reconstruction, Development and Stabilisation", was established on 5 December 2000 through Council regulation Number 2666/2000. Its scope is the Western

Balkans The Balkans ( , ), corresponding partially with the Balkan Peninsula, is a geographical area in southeastern Europe with various geographical and historical definitions. The region takes its name from the Balkan Mountains that stretch throug ...

countries (

Albania Albania ( ; or ), officially the Republic of Albania (), is a country in Southeast Europe. It is located in the Balkans, on the Adriatic Sea, Adriatic and Ionian Seas within the Mediterranean Sea, and shares land borders with Montenegro to ...

Bosnia and Herzegovina Bosnia and Herzegovina, sometimes known as Bosnia-Herzegovina and informally as Bosnia, is a country in Southeast Europe. Situated on the Balkans, Balkan Peninsula, it borders Serbia to the east, Montenegro to the southeast, and Croatia to th ...

Kosovo Kosovo, officially the Republic of Kosovo, is a landlocked country in Southeast Europe with International recognition of Kosovo, partial diplomatic recognition. It is bordered by Albania to the southwest, Montenegro to the west, Serbia to the ...

Macedonia Macedonia (, , , ), most commonly refers to: * North Macedonia, a country in southeastern Europe, known until 2019 as the Republic of Macedonia * Macedonia (ancient kingdom), a kingdom in Greek antiquity * Macedonia (Greece), a former administr ...

Montenegro , image_flag = Flag of Montenegro.svg , image_coat = Coat of arms of Montenegro.svg , coa_size = 80 , national_motto = , national_anthem = () , image_map = Europe-Mont ...

and

Serbia , image_flag = Flag of Serbia.svg , national_motto = , image_coat = Coat of arms of Serbia.svg , national_anthem = () , image_map = , map_caption = Location of Serbia (gree ...

). The programme's wider objective is to support those nations in the

TACIS programme

The TACIS programme, established in 1991, was a programme of technical assistance that supports the process of transition to

market economies A market economy is an economic system in which the decisions regarding investment, production, and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a mark ...

for the 11 CIS countries and Georgia. Until 2003, Mongolia was also included in the programme but is now covered by the ALA programme.

MEDA programme

The MEDA programme was the principal financial instrument for the implementation of the Euro-Mediterranean Partnership, offering technical and financial support measures to accompany the reform of economic and social structures in the Mediterranean partner countries. The first MEDA programme was established for the period of 1995–1999. In November 2000, a new regulation established MEDA II for the period of 2000–2006.

ACP programme

ACP stands for "Africa, Caribbean and Pacific". The programme applies to 71 countries, among which are all African nations with the exception of the Mediterranean countries of northern Africa (covered by the MEDA programme above). The ACP is currently covered by the

Cotonou Agreement The Cotonou Agreement (French: ''Accord de Cotonou'') is a treaty between the European Union (EU) and the African, Caribbean and Pacific Group of States ("ACP countries"). It was signed in June 2000 in Cotonou, Benin's largest city, by 78 ACP c ...

, which replaces the

Lomé Convention The Lomé Convention is a trade and aid agreement between the European Economic Community, European Economic Community (EEC) and 71 ACP countries, African, Caribbean, and Pacific (ACP) countries, first signed in February 1975 in Lomé, Togo. His ...

. ''External links:'
ACP Countries at official EU site

ALA programme

ALA, standing for "Asia and Latin America" is a programme for financial aid and cooperation with those regions.

For the 2007–2013 budgetary period

* ENPI, standing for "European Neighbourhood and Partnership Instrument". This is a financial instrument that covers the ENP countries.

is also covered by ENPI (it chose not to participate in the

(ENP) and opted for the formally different, but practically similar EU–Russia Common Spaces. Because of this is the "Partnership" part of ENPI). ENPI therefore merges the former MEDA (as all of its current beneficiaries are ENP states) and the European part of the former TACIS structure.European Commission website:European Neighbourhood Policy: Funding
/ref> Th
ENPI Info Centre
was launched in January 2009 by the European Commission to highlight the relationship between the EU and its Neighbours. * The Pre Accession Instrument replaces the former Enlargement programmes Phare,

SAPARD SAPARD (Special Accession Programme for Agriculture and Rural Development) was a financial assistance program established in June 1999 by the Council of the European Union to help countries of Central and Eastern Europe deal with the problems of ...

and ISPA and CARDS (current CARDS beneficent states were moved to the Enlargement policy segment as "potential candidate countries"). * The Development Cooperation and Economic Cooperation Instrument covers all countries, territories and regions that are not eligible for assistance under either the PAI or ENPI (

Asia Asia ( , ) is the largest continent in the world by both land area and population. It covers an area of more than 44 million square kilometres, about 30% of Earth's total land area and 8% of Earth's total surface area. The continent, which ...

, including

Central Asia Central Asia is a region of Asia consisting of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. The countries as a group are also colloquially referred to as the "-stans" as all have names ending with the Persian language, Pers ...

Latin America Latin America is the cultural region of the Americas where Romance languages are predominantly spoken, primarily Spanish language, Spanish and Portuguese language, Portuguese. Latin America is defined according to cultural identity, not geogr ...

Africa Africa is the world's second-largest and second-most populous continent after Asia. At about 30.3 million km2 (11.7 million square miles) including adjacent islands, it covers 20% of Earth's land area and 6% of its total surfac ...

Caribbean The Caribbean ( , ; ; ; ) is a region in the middle of the Americas centered around the Caribbean Sea in the Atlantic Ocean, North Atlantic Ocean, mostly overlapping with the West Indies. Bordered by North America to the north, Central America ...

and

Pacific The Pacific Ocean is the largest and deepest of Earth's five oceanic divisions. It extends from the Arctic Ocean in the north to the Southern Ocean, or, depending on the definition, to Antarctica in the south, and is bounded by the cont ...

). Thus it will replace ALA, ACP and the rest of TACIS. * Horizontal instruments, that cover countries regardless of their region, are: ** the Instrument for Stability, a new instrument to tackle crises and instability in third countries and address trans-border challenges including

nuclear safety Nuclear safety is defined by the International Atomic Energy Agency (IAEA) as "The achievement of proper operating conditions, prevention of accidents or mitigation of accident consequences, resulting in protection of workers, the public and the ...

and non-proliferation, the fight against trafficking, organised crime and terrorism. **

Food aid Humanitarian aid is material and logistic assistance, usually in the short-term, to people in need. Among the people in need are the homeless, refugees, and victims of natural disasters, wars, and famines. The primary objective of humanitarian ...

is added to the

Humanitarian Aid Humanitarian aid is material and Humanitarian Logistics, logistic assistance, usually in the short-term, to people in need. Among the people in need are the homelessness, homeless, refugees, and victims of natural disasters, wars, and famines. Th ...

instrument. ** the Macro Financial Assistance will remain unchanged.

Economic variation

Below is a table and three graphs showing, respectively, the GDP ( PPP), the GDP (PPP) per capita and the GDP (nominal) per capita for some of the third countries that the European Union has relations with. This can be used as a rough gauge to the relative standards of living among member states. The table is sorted by GDP (PPP) per capita to show the relative economic development level of the different countries. Reference values for the EU average, highest and lowest are included. Source
IMF World Economic Outlook April 2024World Bank Indicators
(Lebanon, Syria, Palestinian Authority, Liechtenstein (nominal GDP per capita), Monaco (nominal GDP per capita))
CIA World Factbook
(Liechtenstein and Monaco (PPP GDP and PPD GDP per capita)), Unknown for Vatican Data

References

External links

The European Economic Area (EEA) – Overview

EU Neighbourhood Info Centre
{{Reach of the European Union, state=collapsed *Economic Economy of the European Union