The European Union

INTRODUCTION OF THE

EURO AND THE

THE EUROPEAN UNION

The European Union

Partners in Global Leadership

The EU and U.S. work together:

• Fighting terrorism and transnational crime

• Advancing global trade liberalization

• Combating piracy and intellectual property violations

• Promoting peace, freedom and the rule of law

The European Union

In the EU

American companies invest far more in EU countries than in Asia.

• U.S. businesses make 5 times the profit in the Netherlands - alone - as they make in China.

• In 2005, EU investments in Texas alone surpassed all U.S. investments in China and Japan, combined.

The European Union

The Euro has been a political integration projectIt was also an attempt to engineer European identity and citizenship by creating a monetary symbolMoney has historically been a driver of identity and statehood creation

EU in CRISIS

The European Union

Is a key challenge for the Union Fear of loss of social network is key

factor (Eurofound 2005) Language barriers are also still a major

problem Enlargement as mobility driver -

experience of 2004 enlargement in UK

Labor Mobility

The European Union

Banking to Sovereign Debt Crisis

Proof of insufficient nature of SGP (crisis factors) Spanish debt levels pre crisis were 43% of GDP (66% in Germany)No general picture across the PIIGSHuge increase of public debt in Ireland as result of taking over of bank liabilitiesEconomically speaking crisis still easily manageable

The European Union

Conclusion

The whole project of European integration is at a watershedUrgent political leadership is neededAlready political backlashes There has already been a lot of damage with a whole generation of young southern Europeans disillusioned

The European Union

Owen Fayer, MBA student, LFGSMOnno Huckmann, GermanyFranck Lirzin, FranceOtt Werner,Goethe Institute, Chicago

Common Economic Challenges in Europe Conference

JoAnn Swank, MBA student, LFGSM