TITLE

THE EUROPEAN UNION IN QUEST FOR THE STATUS OF GREAT ECONOMIC POWER

AUTHOR(S)
Ignat, Ion; Mihai, Costică
PUB. DATE
November 2014
SOURCE
International Conference on Economics & Administration Proceedin;Nov2014, p82
SOURCE TYPE
Conference Proceeding
DOC. TYPE
Article
ABSTRACT
In this study we aim at analyzing the position of the European Union in the hierarchy of power centers in world economy. By analyzing new developments and tendencies of the new polarity of world economy, as a result of important mutations regarding the positions of the most important centres of economic power, we can distinguish two major tendencies: the rise of new centres and the relative fall of certain traditional powers. The rise of South-East Asian countries considered to be "the stars of world economy" in the past decades leads to a focusing tendency of economic poles in the Pacific Basin, hence the debate on a new "Mediterranean of world economy" in economic literature. In this context, the EU, regarded as the most advanced form of supranational integration, is the closest centre of economic power to the status of the United States of America, which is the first economic power in the world. EU economy, if we consider the GDP of its 28 member states, is slightly higher than US's. Also, if we have in view the exports and imports, EU is the first in the world, i.e. the largest commercial market. Its workforce is the third in the world if we have in view the GDP per capita which is smaller than in US due to the joining of poorer Central East European countries to EU. The recent world crisis took EU by surprise for pragmatic and efficient solutions meant to limit social and economic losses. In this sense, the EU construction model is outdated, as many of the economic branches considered successful before the crises became non-performing. To answer the challenges launched by globalization, the European model needs adjusting.
ACCESSION #
99260511

 

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