Global Economics - Europe - EU - A Fifth BRIC?

The European Union (EU) is an economic and geographic union of 27 member states. Located primarily in Europe. It is also a political union that recognizes their common economic interests and is stated to be committed to "regional integration". The EU was formally established by the Treaty of Maastricht in 1993 and comprises over 500 million citizens and represents about 21% of the gross world product (2009 statistics from Wikipedia). With a buying power of $16.5 trillion dollars. the question becomes is the EU another emerging growth section of the world? Some have called the EU a 5th brick in the BRIC (Brazil, Russia, India and China) economic analysis.

I believe the EU is not a "5th brick" which implies a lesser power in the global emerging markets. I contend the EU is a foundation within the BRIC formula - just as important albeit not as large in population but none the less an important center of business acumen and development. If you look at the global corporations and their transactions with the Double Irish you will see the world leaders of commerce have a great respect for the EU. Additionally, if you study scientific research, you will note that research is not longer centered in the United States, it is centered in the EU. These factors make the EU a foundation of the emerging nations not a "5th brick" which reminds me of a the 5th wheel, a step child. The EU is an integral part of the new world economic power. The new power house is not BRIC - it rightfully should be BRICE to include the EU in the equation.

What does this mean to you and I? The world is a global marketplace and the EU is not to be discounted in this race for new economic and political power.

"The member countries of the European Union

The EU currently has 27 member countries, which have transferred some of their sovereignty – or lawmaking authority – to the EU.

A number of other countries have applied to become members of the EU.

• Member countries
  

• Austria
  
• Belgium
  
• Bulgaria
  
• Cyprus
  
• Czech Republic
  
• Denmark
  
• Estonia
  
• Finland
  
• France
  
• Germany
  
• Greece
  
• Hungary
  
• Ireland
  
• Italy
  

• Latvia
  
• Lithuania
  
• Luxembourg
  
• Malta
  
• Netherlands
  
• Poland
  
• Portugal
  
• Romania
  
• Slovakia
  
• Slovenia
  
• Spain
  
• Sweden
  
• United Kingdom
  

Candidate Countries

• Croatia
  
• The former Yugoslav Republic of Macedonia
  
• Turkey
  
• Iceland
  

Potential candidate Countries

• Albania
  
• Bosnia and Herzegovina
  
• Kosovo under UN Security Council Resolution 1244
  
• Montenegro
  
• Serbia"^[1]

Asia is rising and India and China by far is a major force that will change the global economics. Europe or the EU is a force that this author believes will denote a shift in power away from America to the EU. The EU is a foundation piece, much more than a brick and must not be forgotten in the view of macroeconomics.

Knowing where the disposable income is and where it will reside in the next decades is an important function of every corporate executive. Understanding these principles helps the global consumer make intelligent financial and economic decisions.

^[1]

http://europa.eu/about-eu/member-countries/index_en.htm