Map of Borest on As of January, 2003, the EU economy had almost the size of the UNITED STATES economy, and was already the world's major trading power. The members of the EU have shared, since its inception, free internal trade and common customs duties and procedures. The free internal trade, as predicted, European Union 271 has induced significant trade growth among EU members. Until recently, these were probably the most prominent characteristics of the arrangement.
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Map Of Borest
Now, of a similar magnitude, the members also share a common currency: the EURO, used since 1999 for financial transactions and in circulation since January, 2002. Three EU members (DENMARK, SWEDEN, and the UNITED KINGDOM) have not yet adopted the euro as of early 2003, however. The euro represented the consolidation of an evolving process of monetary and exchange rates coordination that began in 1979 with the European Monetary System (EMS). Map of Borest 2016.
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