The European Union (EU) is a politic/economic union of 28 member states that are located primarily in Europe. It has an area of 4,324,782 km2 (1,669,808 sq mi), and an estimated population of over 510 million. The euro (sign: €; code: EUR) is the official currency of the eurozone.

One of the advantages of the adoption of a common currency is the reduction of the risk associated with changes in currency exchange rates. It has been found that the introduction of the euro created "significant reductions in market risk exposures for nonfinancial firms both in and outside of Europe."

The European sovereign debt crisis occurred during a period of time in which several European countries faced the collapse of financial institutions, high government debt and rapidly rising bond yield spreads in government securities. The European sovereign debt crisis started in 2008, with the collapse of Iceland's banking system, and spread primarily to Greece, Ireland and Portugal during 2009. Also recently, credit rating agency Standard and Poor's has cut their rating for the European Union's debt from AA+ to AA. The agency cited the United Kingdom's decision to exit the organization (Brexit) and a possible cascading effect from the vote as the primary reasons for the downgrade. the U.K. has voted to leave the European Union. The financial markets braced for a knee-jerk reaction to the results of the European Union Referendum vote and will now awake to turmoil. Prime Minister David Cameron has announced he will step down in October 2016.

Latest news on The Eropean Union & the Economy

FX Week Ahead - Top 5 Events: Q2'19 New Zealand GDP & NZD/USD Rate Forecast
The Q2'19 New Zealand GDP report will be released on Wednesday, September 18 at 22:45 GMT and forecasts suggest a slowing rate of growth.
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FX Week Ahead - Top 5 Events: September BOE Meeting & GBP/USD Rate Forecast
The September BOE meeting results will be released on Thursday, September 19 at 11:00 GMT, but with the Brexit talks ongoing, rates should stay on ...
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Container Shipping: Ship Sizes Keep Increasing Despite Stagnant Volume Growth
Despite this, spot rates continue to fall and are down 22.7% year-on-year, so that it costs USD 2,691 per FEU on 30 August to ship a container from ...
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'We need the finances:' Day cares funded through Fort Valley State program shut down
FORT VALLEY, Ga. ' Nearly a dozen day cares say they haven't received their portion of a federal grant funded through a Fort Valley State University ...
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Amkor Technology to Present at Deutsche Bank's Leveraged Finance Conference
TEMPE, Ariz.--(BUSINESS WIRE)--. Amkor Technology, Inc. (AMKR), a leading provider of semiconductor packaging and test services, today ...
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