Economy. Economic|economical| integration within the framework of the EU allowed to create the power economic complex of international nature

Economic|economical| integration within the framework of the EU allowed to create the power economic complex of international nature. It is based on formation of customs union, common internal|inlying| market, economic|economical| and currency union|conjunction|, and also constructions of the economy regulation system on the basis of institutes|institution| and common policies of the EU |limb|. The EU is one of the largest economic and political entities in the world, with 501,3 million people (239,3 mln. labour force) and a combined nominal GDP of €12.279 trillion, export – € 1,349 and import|imp.| – € 1,502 trillion in 2010. GDP per capita in 2010 was 24400 euro in average.

The «core» of the EU economy is|appear| a euro zone (By the state on beginning|origin| in 2012 it includes 17 countries Austria, Belgium, Cyprus, Germany, Greece, Estonia, Ireland, Italy, Luxemburg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain, Finland, France).

Commuter effects distort GDP figures for urban areas with large commuting flows, but even when measured at a scale where such distortion does not apply (e.g. Ostösterreich compared to Romania Nord-Est), there is still a 5-to-1 difference between average western European levels and the poorest regions of new member states.

Differences between member states are also significant. GDP per capita is often 10% to 25% higher than the EU average in the "older" western member states, but only comprises one-third to two-thirds of the EU average in most eastern member states, as well as in potential membership candidates such as Croatia, FYR Macedonia and Turkey. By comparison, United States GDP per capita is 35% higher than the EU average: Japanese GDP per capita is approximately 15% higher.

The European Union is the largest exporter in the world and the second largest importer. Internal trade between the member states is aided by the removal of barriers to trade such as tariffs and border controls. In the eurozone, trade is aided by adoption of an uniform currency. The European Union Community Treaty extends such similar economic policies to a much larger range of countries, partly as a so-called soft approach ('a carrot instead of a stick') to influence the politics in those countries.

Important EU institutions and bodies include the European Commission, the Council of the European Union, the European Council, the European Central Bank, the European Court of Justice, and the European Parliament.

Citizens of EU member states are also EU citizens: they directly elect the European Parliament, once every five years. They can live, travel, work, and invest in other member states (with some restrictions on new member states). Passport control and customs checks at most internal borders were abolished by the Schengen Treaty.