European Country 7 Letters

European Country 7 Letters – The European Union (EU) is a political and economic alliance of 27 countries. The EU promotes democratic values ​​in its member countries and is one of the most powerful trade blocs in the world. Nineteen countries share the euro as their official currency.

The EU was born out of a desire to strengthen economic and political cooperation across the European continent after the Second World War.

European Country 7 Letters

The EU’s gross domestic product (GDP) was €14.45 trillion in 2021. That’s about $15.49 trillion. The US GDP for the same period was about 23 trillion dollars.

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The EU traces its roots to the European Coal and Steel Community, which was founded in 1950 and had only six members: Belgium, France, Germany, Italy, Luxembourg and the Netherlands. It became the European Economic Community in 1957 under the Treaty of Rome, and was later renamed the European Community (EC).

This served to deepen the integration of the foreign, security and internal policies of the member countries. In the same year, the EU established a common market to promote the free movement of goods, services, people and capital across its internal borders.

The EC initially focused on the common agricultural policy and the elimination of customs barriers. Denmark, Ireland and Great Britain joined in 1973 in the first wave of expansion. Direct elections for the European Parliament began in 1979.

In 1986, the Single European Act began a six-year plan to create a common European market by harmonizing national regulations.

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The Maastricht Treaty entered into force in 1993, replacing the EC with the European Union (EU). The euro debuted as a common single currency for participating EU members on January 1, 1999. Denmark and the United Kingdom negotiated “opt-out” provisions that allowed countries to keep their own currencies if they wished.

Several newer EU members have also either not yet met the criteria for adopting the euro or have decided to opt out.

At the height of the 2007-2008 global financial crisis, the EU and the European Central Bank struggled to deal with high government debt and sluggish growth in Italy, Spain, Portugal, Ireland and Greece.

In 2010, Greece and Ireland received financial aid from the EU under the condition of implementing fiscal austerity measures. Portugal followed in 2011. Greece needed another bailout in 2012.

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The crisis subsided after the European Union and the European Central Bank adopted a series of measures to support the government debt and the debt of the banking sector of the affected countries.

These include the establishment in October 2012 of the European Stability Mechanism (ESM), set up to help EU members experiencing serious financial problems, including the inability to access bond markets. The ESM replaced the interim European Financial Stability Facility that has been in place since 2010.

The European Central Bank conducted a series of “targeted long-term refinancing operations” in 2014, 2016 and 2019 to provide financing on favorable terms for EU financial institutions.

In 2015, the European Union relaxed the provisions of the 2011 Stability and Growth Act, which requires member states to target public debt below 60% of gross domestic product and annual government budget deficits below 3% of GDP in the medium term.

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In the same year, a new EU agency, the Single Resolution Board, took over responsibility for resolving bank failures in the euro area.

While aid measures have addressed the crisis, they have not tackled one of its main causes – the wide disparity in wealth and economic growth between the European Union’s heavily industrialized north and its poorer southern periphery, which remains less urbanized and more dependent on agriculture. .

Because the industrialized North and the more rural South share a common currency, struggling southern economies cannot take advantage of currency depreciation to improve their international competitiveness. Without currency depreciation, southern exporters end up struggling to compete with their northern rivals, who benefit from faster productivity growth.

States with higher average incomes tend to contribute a disproportionately large share of federal revenues, while those with lower incomes tend to have a larger share of federal expenditures.

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In the European Union, the COVID-19 pandemic has sparked shared spending measures that some have called an “incomplete and fragile fiscal union in the making.”

After rejecting earlier calls for a popular referendum on Britain’s membership of the European Union, Conservative Prime Minister David Cameron promised a vote in 2013 and scheduled it for 2016. It was a time of growing popularity for the UK Independence Party, which opposes the European Union. membership.

After falling behind in the late polls, Leave won with almost 52% of the vote on 23 June 2016. Cameron resigned the following day. The United Kingdom officially left the EU on January 31, 2020.

In July 2020, a report by the British Parliament’s Intelligence and Security Committee noted widespread media reports of Russian efforts on behalf of the “Leave” option and faulted the government for failing to investigate Russian involvement in British politics.

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The European Union was created to bind the peoples of Europe together for the economic, social and security well-being of all. It is one of several attempts after World War II to unite the nations of Europe into a unified whole.

The original members of the European Union were the peoples of Western Europe. In the 21st century, the EU expanded its membership to the Eastern European nations that emerged after the collapse of the Soviet Union. Its current members are Bulgaria, Croatia, the Czech Republic, Estonia, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia.

The overarching purpose of the European Union, in the years after World War II, was to end the devastating wars that had plagued Europe for centuries. At the same time, it became increasingly clear that a united Europe would have far greater economic and political power than individual nations in the post-war world.

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By clicking “Accept all cookies”, you consent to the storage of cookies on your device to improve site navigation, analyze site usage and assist in our marketing efforts. Europe, the epicenter of the coronavirus pandemic last spring, has surged again with new cases, overwhelming some local hospitals and sparking a worrying global wave of Covid-19.

But this time, the threat is different: the surge in new cases is being driven by a variant of the coronavirus first seen in Britain, known as B.1.1.7. This variant is not only more contagious than last year’s virus, but also deadlier.

Source: CoVariants.org | Note: Dates refer to the weekly total starting on that day. Only European countries with significant sequencing data are shown. Sequencing rates vary by country and sometimes reflect localized trends based on testing from a particular region or hospital. The map shows the latest available data on the date specified, which may be out of date.

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The variant is now spreading to at least 114 countries. Nowhere, however, are its devastating effects more visible than in Europe, where thousands die every day and the economies of countries already affected are hit again by new restrictions on daily life.

Even as the strain surged in Britain starting in December, it was also causing outbreaks across the continent, many of which went unnoticed behind the overall drop in cases. Those outbreaks of the severe variant have since increased, and the variant has now supplanted other versions of the virus, becoming dominant in more than a dozen European countries.

Other variants of concern besides B.1.1.7 are also present in Europe. B.1.351, a variant first discovered in South Africa, has been found to reduce the effectiveness of some vaccines, including AstraZeneca, which is widely used across the continent.

And P.1, the variant that has brought hospitals in Brazil to breaking point, appears to be more infectious than the original form of the virus and also contains a mutation that reduces the effectiveness of the vaccine.

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Source: CoVariants.org | Note: Only countries with significant ranking data are shown. Variants shown in the graphs reflect countries that reported at least 130 sequences of that variant.

Despite watching the B.1.1.7 variant invade Britain, lawmakers in continental Europe were slow to react. In late January, French President Emmanuel Macron defied calls from his scientific advisers for new restrictions. Now daily cases have doubled, hospitals are overflowing with patients and Mr Macron has imposed a third national lockdown.

“What surprises me is how many countries did not expect what B.1.1.7 would bring,” said Devi Sridhar, a professor of global public health at the University of Edinburgh in Scotland. “People have underestimated that, instead of saying we should learn from what’s happening in the UK.”

What happened this winter in the UK was mass death and flooded hospitals on a scale not seen before during a pandemic. Since B.1.1.7 was first sampled in late September, 85,000 people have died. Four million people — one

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