The European Union: It's place in the world economy and the impact on the international economic processes

Abstract

Main goal of the paper is to define the European Union place in world economy and evaluate the impact on international economic processes. The article proves that in spite of the crisis and a sharp national debt problem, Europe doesn't lose its positions. The presence of the highly developed industry, developed system of transnational corporations and banks, manufacturing of the big pat of high technology products, conducting wise policy in the R&D sphere, and high competitiveness of most of the EU countries in the world economy assured big inflows of investments in the Union economy. This had a positive impact on the level of well-being in the member countries and their social and economic development, which is confirmed by the indicators of income levels per capita and human development. The European Union remains the leading integration block, which is not only competing with the United States, Japan, and China, but also is in the lead of this race. Presence of the highly developed industry, developed system of transnational corporations and banks, production of a large part of high-technology products, and high competitiveness of most of the EU countries are proven statistically. It's demonstrated that the appearance of this market is one of the most significant events in the modern world economy.