EEC

The analysis which follows will first present some basic statistics on the Economic Union. It will then discuss the alternating periods of stagnation and growth over the past 10 years in Europe. Finally, it will focus more directly on the structural problem of unemployment. The problem was in existence prior to the formation of the Economic Union and continues to be of significant concern today.

The European Union of 15 member states has a population of about 370 million, concentrated largely in Germany (81.5 million, or 23%) Italy, the United Kingdom, and France (each with approximately 58 million people). While the population is about one and a half that of the Unite States, it is squeezed into an area about one-third of t

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heavals within the Union. A period of slower growth followed in 1995, at only 2.4 percent (Miller, 1996). The International Monetary Fund has generally painted a bleak picture of Europe, as a region plagued by sky-high unemployment and boxed in by its drive to launch a single currency in 1998 (Miller, 1996). In the short-run the IMF sees some better times ahead for Europe, estimating that growth will average 2.5% in 1997 up from approximately 1.6 percent in 1996. However, the IMF also believes that its economic projections could prove too optimistic, especially if Europe's drive to cut budget deficits under the Maastricht Treaty acts as more of a drag on growth than expected (Miller, 1996). The Maastricht treaty (the foundation document for the European Union) sets out tough budget guidelines that EU countries must meet in 1997 for entry into European Monetary Union in 1999. The IMF worries that the recovery in Europe may be weaker than projected because it may by restrained by the short-term contractionary effects of fiscal consolidation efforts being implemented in most EU countries partly to satisfy the Maastrich criteria by 1997. Paradoxically, if growth is held back by the drive to slash budget deficits, that will ma
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Some common words found in the essay are:
Paul Krugman, European Union, European Union's, Monetary Union, Monetary Fund, Employment December, Union European, Economic Union, Organizations IMF, Market June, european union, miller 1996, krugman 1996, economic union, unemployment rate, european unemployment, budget deficits, european unemployment rates, european community, united kingdom, unemployment benefits, international monetary fund, european monetary union, pelkmans winters 1988, budget deficits maastricht,
Approximate Word count = 1857
Approximate Pages = 7 (250 words per page)

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