Economy of the European Union

[[Global assets under management]] in the EU is more than $12 trillion, with France accounting for more than 33% ($4 trillion) of Europe's total [[Assets under management|AUM]] followed by Germany with 16% ($2 trillion) and Italy with 12% ($1 trillion).{{cite web |url=https://www.statista.com/statistics/941671/europe-bank-assets/ |title = • Europe: bank assets {{!}} Statista}}{{cite web |url=https://www.statista.com/statistics/368321/europe-assets-under-management-value/ |title = • Assets under management in Europe 2020 {{!}} Statista}} [[Paris metropolitan area|Paris]] is by far the [[List of cities by GDP|economically strongest city]] in the EU, with a [[Gross domestic product|GDP]] exceeding $1 trillion.{{Cite web|title=Global Wealth PPP Distribution: Who Are The Leaders Of The Global Economy? - Full Size|url=https://www.visualcapitalist.com/wp-content/uploads/2021/10/Global-Wealth-PPP-Distribution.html|access-date=2021-10-21|website=Visual Capitalist}} [[Paris]] is a major economic hub in the EU, with [[Euronext Paris]], the [[List of major stock exchanges|largest stock exchange in the EU]] by market cap.{{Cite news |last=Foy |first=Simon |date=2023-10-19 |title=London Stock Exchange overtakes Paris to regain crown as Europe's biggest market |language=en-GB |work=The Telegraph |url=https://www.telegraph.co.uk/business/2023/10/19/london-stock-exchange-overtakes-paris-europe-market/ |access-date=2023-12-06 |issn=0307-1235}}{{cite news |url=https://www.bbc.co.uk/news/business-63623502 |title=London loses position as most valuable European stock market |work=[[BBC News]] |publisher=BBC |access-date=28 September 2023 |date=14 November 2022 |first=Faarea |last=Masud}} [[Frankfurt]], Germany's [[financial center]], is the second-largest in the EU, hosting the [[Frankfurt Stock Exchange]], although it is significantly smaller than Paris in terms of market cap and economic influence.{{Cite web |title=Deutsche Börse joins UN's Sustainable Stock Exchanges Initiative |url=http://www.ftseglobalmarkets.com/news/deutsche-borse-joins-uns-sustainable-stock-exchanges-initiative.html |access-date=2 October 2014 |website=FTSE |publisher=Deutsche Börse |archive-date=4 October 2014 |archive-url=https://web.archive.org/web/20141004032452/http://www.ftseglobalmarkets.com/news/deutsche-borse-joins-uns-sustainable-stock-exchanges-initiative.html |url-status=dead }}

[[Global assets under management]] in the EU is more than $12 trillion, with France accounting for more than 33% ($4 trillion) of Europe's total [[Assets under management|AUM]] followed by Germany with 16% ($2 trillion) and Italy with 12% ($1 trillion).{{cite web |url=https://www.statista.com/statistics/941671/europe-bank-assets/ |title = • Europe: bank assets {{!}} Statista}}{{cite web |url=https://www.statista.com/statistics/368321/europe-assets-under-management-value/ |title = • Assets under management in Europe 2020 {{!}} Statista}} [[Paris metropolitan area|Paris]] is by far the [[List of cities by GDP|economically strongest city]] in the EU, with a [[Gross domestic product|GDP]] exceeding $1 trillion.{{Cite web|title=Global Wealth PPP Distribution: Who Are The Leaders Of The Global Economy? - Full Size|url=https://www.visualcapitalist.com/wp-content/uploads/2021/10/Global-Wealth-PPP-Distribution.html|access-date=2021-10-21|website=Visual Capitalist}} [[Paris]] is a major economic hub in the EU, with [[Euronext Paris]], the [[List of major stock exchanges|largest stock exchange in the EU]] by market cap.{{Cite news |last=Foy |first=Simon |date=2023-10-19 |title=London Stock Exchange overtakes Paris to regain crown as Europe's biggest market |language=en-GB |work=The Telegraph |url=https://www.telegraph.co.uk/business/2023/10/19/london-stock-exchange-overtakes-paris-europe-market/ |access-date=2023-12-06 |issn=0307-1235}}{{cite news |url=https://www.bbc.co.uk/news/business-63623502 |title=London loses position as most valuable European stock market |work=[[BBC News]] |publisher=BBC |access-date=28 September 2023 |date=14 November 2022 |first=Faarea |last=Masud}} [[Frankfurt]], Germany's [[financial center]], is the second-largest in the EU, hosting the [[Frankfurt Stock Exchange]], although it is significantly smaller than Paris in terms of market cap and economic influence.{{Cite web |title=Deutsche Börse joins UN's Sustainable Stock Exchanges Initiative |url=http://www.ftseglobalmarkets.com/news/deutsche-borse-joins-uns-sustainable-stock-exchanges-initiative.html |access-date=2 October 2014 |website=FTSE |publisher=Deutsche Börse |archive-date=4 October 2014 |archive-url=https://web.archive.org/web/20141004032452/http://www.ftseglobalmarkets.com/news/deutsche-borse-joins-uns-sustainable-stock-exchanges-initiative.html |url-status=dead }}

The [[euro]] is the second largest [[reserve currency]] and the second most traded currency in the world after the [[United States dollar]].{{cite web|url=http://www.bis.org/publ/rpfxf07t.pdf|title=Triennial Central Bank Survey 2007|date=19 December 2007|publisher=BIS|access-date=25 July 2009}}{{cite web|url=http://mpra.ub.uni-muenchen.de/14350/1/MPRA_paper_14350.pdf|title=Compositional Analysis of Foreign Currency Reserves in the 1999–2007 Period. The Euro vs. The Dollar As Leading Reserve Currency|last1=Aristovnik|first1=Aleksander|last2=Čeč|first2=Tanja|date=30 March 2010|publisher=Munich Personal RePEc Archive, Paper No. 14350|access-date=27 December 2010}}{{cite news|url=http://www.businessinsider.com/dollar-as-international-reserve-currency-2013-11|title=There Are Only Two Real Threats to the US Dollar's Status As The International Reserve Currency|last=Boesler|first=Matthew|date=11 November 2013|newspaper=Business Insider|access-date=8 December 2013}} The euro is used by 21 of its {{EUnum}} members, overall, it is the official currency in 27 countries, in the [[eurozone]] and in [[International status and usage of the euro|six other European countries]], officially or de facto. The EU as a region has produced the world's second-highest number of [[List of Nobel Memorial Prize laureates in Economic Sciences|Nobel laureates in the economics]] field.{{cite web|url=http://nobelprize.org/nobel_prizes/economics/laureates/|title=All Laureates in Economics|publisher=Nobel Foundation|access-date=2020-10-14|archive-url=https://web.archive.org/web/20130601161045/http://www.nobelprize.org/nobel_prizes/economics/laureates/|archive-date=2013-06-01|url-status=live}}

The [[Euro]] is the second largest [[reserve currency]] and the second most traded currency in the world after the [[United States dollar]].{{cite web|url=http://www.bis.org/publ/rpfxf07t.pdf|title=Triennial Central Bank Survey 2007|date=19 December 2007|publisher=BIS|access-date=25 July 2009}}{{cite web|url=http://mpra.ub.uni-muenchen.de/14350/1/MPRA_paper_14350.pdf|title=Compositional Analysis of Foreign Currency Reserves in the 1999–2007 Period. The Euro vs. The Dollar As Leading Reserve Currency|last1=Aristovnik|first1=Aleksander|last2=Čeč|first2=Tanja|date=30 March 2010|publisher=Munich Personal RePEc Archive, Paper No. 14350|access-date=27 December 2010}}{{cite news|url=http://www.businessinsider.com/dollar-as-international-reserve-currency-2013-11|title=There Are Only Two Real Threats to the US Dollar's Status As The International Reserve Currency|last=Boesler|first=Matthew|date=11 November 2013|newspaper=Business Insider|access-date=8 December 2013}} The euro is used by 21 of its {{EUnum}} members, overall, it is the official currency in 27 countries, in the [[eurozone]] and in [[International status and usage of the euro|six other European countries]], officially or de facto. The EU as a region has produced the world's second-highest number of [[List of Nobel Memorial Prize laureates in Economic Sciences|Nobel laureates in the economics]] field.{{cite web|url=http://nobelprize.org/nobel_prizes/economics/laureates/|title=All Laureates in Economics|publisher=Nobel Foundation|access-date=2020-10-14|archive-url=https://web.archive.org/web/20130601161045/http://www.nobelprize.org/nobel_prizes/economics/laureates/|archive-date=2013-06-01|url-status=live}}

The European Union is one of the world's largest trading entities, with Germany and France serving as the primary economic powerhouses in terms of both [[exports]] and [[imports]]. In 2023, Germany is the [[List of countries by exports|EU's largest exporter]] and [[List of countries by imports|importer]] and the third-largest exporter globally, with $1.96 trillion in exports. Germany is also a major importer, with $1.47 trillion in imports, reflecting its role as a key player in global supply chains. France is the second-largest exporter in the EU, with $1.05 trillion in exports. France is also a significant importer, with just over $777 billion in imports, the second largest importer in the EU.{{cite web|url=https://data.worldbank.org/indicator/BX.GSR.GNFS.CD?name_desc=false|title=Exports of goods and services (BoP, current US$)|website=data.worldbank.org|publisher=[[World Bank]]|access-date=8 March 2025}}{{cite web|title=International Trade Statistics|url=https://www.trademap.org/Country_SelProduct_TS.aspx?nvpm=1%7C%7C%7C%7C%7CTOTAL%7C%7C%7C2%7C1%7C1%7C1%7C2%7C1%7C2%7C1%7C1%7C1|access-date=8 March 2025|website=trademap.org|publisher=[[International Trade Centre]]}}

The European Union is one of the world's largest trading entities, with Germany and France serving as the primary economic powerhouses in terms of both [[exports]] and [[imports]]. In 2023, Germany is the [[List of countries by exports|EU's largest exporter]] and [[List of countries by imports|importer]] and the third-largest exporter globally, with $1.96 trillion in exports. Germany is also a major importer, with $1.47 trillion in imports, reflecting its role as a key player in global supply chains. France is the second-largest exporter in the EU, with $1.05 trillion in exports. France is also a significant importer, with just over $777 billion in imports, the second largest importer in the EU.{{cite web|url=https://data.worldbank.org/indicator/BX.GSR.GNFS.CD?name_desc=false|title=Exports of goods and services (BoP, current US$)|website=data.worldbank.org|publisher=[[World Bank]]|access-date=8 March 2025}}{{cite web|title=International Trade Statistics|url=https://www.trademap.org/Country_SelProduct_TS.aspx?nvpm=1%7C%7C%7C%7C%7CTOTAL%7C%7C%7C2%7C1%7C1%7C1%7C2%7C1%7C2%7C1%7C1%7C1|access-date=8 March 2025|website=trademap.org|publisher=[[International Trade Centre]]}}