The European Union (EU) consists of 27 countries. The ten central and eastern European countries are less developed than the others. (See Exhibit 3-8.)
The Euro zone economies represent 30% of the world’s GDP and 20% of overall international trade.
The Maastricht Treaty, signed in 1992, spelled out the guidelines toward European Monetary Union (EMU).
The European Central Bank is headquartered in Frankfurt, Germany.