Changes

{{See also|Eurozone Crisis}}

{{See also|Eurozone Crisis}}

The institutions of the European Union were originally created to oversee the operation of the several economic communities that later became the Single European Market. Even as the EU's political integration continued, the area of greatest integration has always been in the economic sphere: goods, capital, and labour move freely between member states (with exceptions for goods which pose a public health risk), businesses in all member states are increasingly subject to common basic regulations, and fifteen of the member states use a common currency, the [[euro]]. The rest of the states are legally obliged to adopt the euro when their economies meet strict ''Convergence Criteria'' (except Denmark, which negotiated an opt-out). The fifteen euro-area countries share a common monetary policy administered by the '''European Central Bank''' in [[Frankfurt, Germany]]. The EU strives to eliminate internal barriers to the free flow of goods, services, labour, and capital, and to promote the overall convergence of living standards. Internationally, the EU originally aimed to strengthen Europe's trade position and capitalize on the political and economic leverage that a large, unified market could bring.  

The institutions of the European Union were originally created to oversee the operation of the several economic communities that later became the Single European Market. Even as the EU's political integration continued, the area of greatest integration has always been in the economic sphere: goods, capital, and labour move freely between member states (with exceptions for goods which pose a public health risk), businesses in all member states are increasingly subject to common basic regulations, and fifteen of the member states use a common currency, the [[euro]]. The rest of the states are legally obliged to adopt the euro when their economies meet strict ''Convergence Criteria'' (except Denmark, which negotiated an opt-out). The fifteen euro-area countries share a common monetary policy administered by the European Central Bank in [[Frankfurt, Germany]]. The EU strives to eliminate internal barriers to the free flow of goods, services, labour, and capital, and to promote the overall convergence of living standards. Internationally, the EU originally aimed to strengthen Europe's trade position and capitalize on the political and economic leverage that a large, unified market could bring.  

In 2023 the ''[[Wall Street Journal]]'' noted Europeans were becoming poorer as a result of [[covid lockdown]]s, but more precisely by joining with [[neo fascist]] leader [[Joe Biden]]'s [[Russia sanctions]].<ref>[https://archive.ph/nzdtv Europeans Are Becoming Poorer. ‘Yes, We’re All Worse Off.’ An aging population that values its free time set the stage for economic stagnation. Then came Covid-19 and Russia’s war in Ukraine.] By Tom Fairless, ''The Wall Street Journal'', July 17, 2023.</ref>  In 2008, the eurozone and the U.S. had equivalent gross domestic products (GDP); as of 2023 the GDP gap was 80%. The European Centre for International Political Economy, a Brussels-based [[think-tank]], published a ranking of GDP per capita of American states and European countries: Italy is just ahead of [[Mississippi]], the poorest of the 50 states, while France is between [[Idaho]] and [[Arkansas]], respectively 48th and 49th. Germany doesn’t save face: It lies between [[Oklahoma]] and [[Maine]] (38th and 39th). The American median salary in 2023 stood at one and a half times greater than that of France.<ref>https://www.lemonde.fr/en/opinion/article/2023/09/04/the-gdp-gap-between-europe-and-the-united-states-is-now-80_6123491_23.html</ref>

In 2023 the ''[[Wall Street Journal]]'' noted Europeans were becoming poorer as a result of [[covid lockdown]]s, but more precisely by joining with [[neo fascist]] leader [[Joe Biden]]'s [[Russia sanctions]].<ref>[https://archive.ph/nzdtv Europeans Are Becoming Poorer. ‘Yes, We’re All Worse Off.’ An aging population that values its free time set the stage for economic stagnation. Then came Covid-19 and Russia’s war in Ukraine.] By Tom Fairless, ''The Wall Street Journal'', July 17, 2023.</ref>  In 2008, the eurozone and the U.S. had equivalent gross domestic products (GDP); as of 2023 the GDP gap was 80%. The European Centre for International Political Economy, a Brussels-based [[think-tank]], published a ranking of GDP per capita of American states and European countries: Italy is just ahead of [[Mississippi]], the poorest of the 50 states, while France is between [[Idaho]] and [[Arkansas]], respectively 48th and 49th. Germany doesn’t save face: It lies between [[Oklahoma]] and [[Maine]] (38th and 39th). The American median salary in 2023 stood at one and a half times greater than that of France.<ref>https://www.lemonde.fr/en/opinion/article/2023/09/04/the-gdp-gap-between-europe-and-the-united-states-is-now-80_6123491_23.html</ref>