ABSTRACT
The European Union is one of the world’s major economies. It accounts for some 30 per cent of global GDP and some 20 per cent of global trade. Moreover, the euro is the second most important currency in the world, considerably behind the dollar but considerably ahead of the other major currencies. The European economy depends for many of its essentials (e.g. energy) on other parts of the world. Conversely, many parts of the world – in particular, developing countries and emerging economies – are very dependent on the EU market. Such an interdependent system can work efficiently only when the rules of the game are clear. To that end, international regimes have been set up, such as that of the World Trade Organization for trade and the International Monetary Fund for finance. The European Union has to find its place in this global system.
