question_answer

Explain the economic and military influence of the European Union.

Answer:

Economic Influence:

(i) EU is the world?s biggest economy with a GDP of more than 12,000 billion in 2005, slightly larger than that of the USA.

(ii) Its currency Euro can pose a threat to the dominance of the US dollar.

(iii) Its share of world trade is three times larger than that or the US.

Military Influence:

(i) The EU?s combined armed forces are the second largest in the world.

(ii) Its total spending on defence is second after that of the US.

(iii) Two members of the EU have large arsenal of nuclear warheads.

(iv) It is the world?s second most important source of space and communications technology.