Did you know that the EU accounts for 23.2% of global GDP? This suggests that the EU zone can be an excellent environment for investing in a new business or for establishing new trade relations.
The EU solves the problem of youth unemployment using an integrated approach based on the Youth Guarantee Program, which aims to provide all young people under the age of 25 with a good quality job offer, internship, or the opportunity to continue their education within four months after graduation or job loss. The Youth Guarantee Program receives funds of € 6 billion from the European Social Fund subsequently (funding may increase to 8 billion euros).
Thanks to the openness of its trading system, the EU remains the largest player in the global trading arena and an attractive region for doing business. The European Union is the main trading partner for more than 80 countries, including the USA, China, Russia, India, Brazil and South Africa. The USA, Japan and the BRIC countries are the main partners of the EU not only in the field of trade in goods, but also in commercial services.
The EU is the largest exporter and importer of goods among the G20 member countries. Every day, Europe exports several billion euros worth of goods and imports several billion more. In total, this amounts to about 1.7 trillion euros of export and 1.8 trillion of imports annually. Foreign direct investments also have a positive effect on the competitiveness of European enterprises and are playing an increasingly important role in European Union GDP growth.
The EU is the largest source and destination for foreign direct investment in the world, both in terms of total volume and in terms of flows.
The EU is continuously tightening regulation and control over its financial sector in order to take effective measures in response to the financial crises and to ensure that the financial sector plays an important role in bringing the Union on the path to smart, stable and inclusive growth, job creation and increasing competitiveness.
A single set of EU rules applies to all 8000 banks of the Union. Together with its international G20 partners, it is pursuing a large-scale joint financial reform program aimed at strengthening the global financial sector. The EU is rapidly fulfilling its obligations regarding global financial regulatory efforts. In particular, Europe is one of the first in the world to fulfill all agreed commitments under the G20 to strengthen regulation and control over the banking sector, including through stringent rudimentary requirements.
The EU has also made significant progress towards the creation of a Banking Union, which will break the links between public debt markets and banks, while protecting taxpayers from banking crises. The Banking Union includes a Unified Supervisory Mechanism, managed by the European Central Bank in close cooperation with national supervisory authorities; a single set of general rules for the prevention, management and resolution of banking crises; the Single Resolution Mechanism with central decision-making authority and a unified assistance fund to ensure that the consequences of bankruptcy are effectively addressed.
The Banking Union is a pillar of building a more deeply integrated Economic and Monetary Union along with a more integrated budgetary and economic political framework and enhanced democratic accountability.
We hope these facts have helped you better understand how the EU market functions. If you want to open your own offshore company within the union, feel free to contact us right away!
