Europe

==Economy==
{{Main|Economy of Europe|List of sovereign states in Europe by GDP (nominal)|List of sovereign states in Europe by GDP (PPP)}}
[[File:Map of European countries by GDP (PPP) per capita in 2021.svg|thumb|300x300px|{{legend-table2|title=GDP (PPP) per capita of European countries in 2021|#00008a|>$60,000 |#003c00|$50,000 – $60,000 |#008f00|$40,000 – $50,000 |#00f900|$30,000 – $40,000 |#b3ff00|$20,000 – $30,000 |#ffff00|$10,000 – $20,000}}]]
As a continent, the economy of Europe is currently the largest on Earth and it is the richest region as measured by assets under management with over $32.7&nbsp;trillion compared to North America's $27.1&nbsp;trillion in 2008.<ref>{{cite news|last=Fineman |first=Josh |url=https://www.bloomberg.com/news/world |title=Bloomberg.com |publisher=Bloomberg.com |date=15 September 2009 |access-date=23 August 2010 |url-status=dead |archive-url=https://web.archive.org/web/20150128110049/http://www.bloomberg.com/news/world |archive-date=28 January 2015 }}</ref> In 2009 Europe remained the wealthiest region. Its $37.1 trillion in assets under management represented one-third of the world's wealth. It was one of several regions where wealth surpassed its precrisis year-end peak.<ref>{{cite web|url=http://www.pr-inside.com/global-wealth-stages-a-strong-comeback-r1942019.htm |title=Global Wealth Stages a Strong Comeback |publisher=Pr-inside.com |date=10 June 2010 |access-date=23 August 2010 |url-status=dead |archive-url=https://web.archive.org/web/20110520174617/http://www.pr-inside.com/global-wealth-stages-a-strong-comeback-r1942019.htm |archive-date=20 May 2011 }}</ref> As with other continents, Europe has a large [[wealth gap]] among its countries. The richer states tend to be in the [[Northwestern Europe|Northwest]] and [[Western Europe|West]] in general, followed by [[Central Europe]], while most economies of [[Eastern Europe|Eastern]] and [[Southeastern Europe]] are still reemerging from the [[collapse of the Soviet Union]] and the [[breakup of Yugoslavia]].

The model of the [[Blue Banana]] was designed as an economic geographic representation of the respective economic power of the regions, which was further developed into the [[Golden Banana]] or Blue Star. The trade between East and West, as well as towards Asia, which had been disrupted for a long time by the two world wars, new borders and the Cold War, increased sharply after 1989. In addition, there is new impetus from the Chinese [[Belt and Road Initiative]] across the [[Suez Canal]] towards Africa and Asia.<ref>Global shipping and logistic chain reshaped as China's Belt and Road dreams take off in Hellenic Shipping News, 4. December 2018; Wolf D. Hartmann, Wolfgang Maennig, Run Wang: Chinas neue Seidenstraße. (2017), p 59; Jacob Franks "The Blu Banana – the True Heart of Europe" In: Big Think Edge, 31 December 2014; Zacharias Zacharakis: Chinas Anker in Europa in: Die Zeit 8. May 2018; Harry de Wilt: Is One Belt, One Road a China crisis for North Sea main ports? in World Cargo News, 17 December 2019; Hospers, Gert-Jan "Beyond the blue banana? Structural change in Europe's geo-economy." 2002</ref>

The European Union, a political entity composed of 27 European states, comprises the [[List of countries by GDP (nominal)|largest single economic area]] in the world. Nineteen EU [[Eurozone|countries]] share the [[euro]] as a common currency.
Five European countries rank in the top ten of the world's largest [[List of countries by GDP (PPP)|national economies in GDP (PPP)]]. This includes (ranks according to the [[The World Factbook|CIA]]): Germany (6), Russia (7), the United Kingdom (10), France (11) and Italy (13).<ref>{{cite web|url=https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.html|title=The CIA World Factbook – GDP (PPP)|date=15 July 2008|access-date=19 July 2008|publisher=[[CIA]]|archive-date=4 June 2011|archive-url=https://web.archive.org/web/20110604195034/https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.html|url-status=dead}}</ref>

Some European countries are much richer than others. The richest in terms of nominal GDP is [[Monaco]] with its US$185,829 per capita (2018) and the poorest is [[Ukraine]] with its US$3,659 per capita (2019).<ref>{{cite web|url=https://data.worldbank.org/indicator/ny.gdp.pcap.cd?most_recent_value_desc=true|title=The World Bank DataBank|website=worldbank.org|access-date=30 July 2022|archive-date=2 October 2019|archive-url=https://web.archive.org/web/20191002053624/https://data.worldbank.org/indicator/ny.gdp.pcap.cd?most_recent_value_desc=true|url-status=live}}</ref>

As a whole, Europe's GDP per capita is US$21,767 according to a 2016 International Monetary Fund assessment.<ref>Some data refers to IMF staff estimates but some are actual figures for the year 2017, made on 12 April 2017. [http://www.imf.org/external/pubs/ft/weo/2017/02/weodata/weorept.aspx?sy=2016&ey=2016&scsm=1&ssd=1&sort=country&ds=.&br=1&c=512%2C672%2C914%2C946%2C612%2C137%2C614%2C546%2C311%2C962%2C213%2C674%2C911%2C676%2C193%2C548%2C122%2C556%2C912%2C678%2C313%2C181%2C419%2C867%2C513%2C682%2C316%2C684%2C913%2C273%2C124%2C868%2C339%2C921%2C638%2C948%2C514%2C943%2C218%2C686%2C963%2C688%2C616%2C518%2C223%2C728%2C516%2C836%2C918%2C558%2C748%2C138%2C618%2C196%2C624%2C278%2C522%2C692%2C622%2C694%2C156%2C142%2C626%2C449%2C628%2C564%2C228%2C565%2C924%2C283%2C233%2C853%2C632%2C288%2C636%2C293%2C634%2C566%2C238%2C964%2C662%2C182%2C960%2C359%2C423%2C453%2C935%2C968%2C128%2C922%2C611%2C714%2C321%2C862%2C243%2C135%2C248%2C716%2C469%2C456%2C253%2C722%2C642%2C942%2C643%2C718%2C939%2C724%2C644%2C576%2C819%2C936%2C172%2C961%2C132%2C813%2C646%2C199%2C648%2C733%2C915%2C184%2C134%2C524%2C652%2C361%2C174%2C362%2C328%2C364%2C258%2C732%2C656%2C366%2C654%2C734%2C336%2C144%2C263%2C146%2C268%2C463%2C532%2C528%2C944%2C923%2C176%2C738%2C534%2C578%2C536%2C537%2C429%2C742%2C433%2C866%2C178%2C369%2C436%2C744%2C136%2C186%2C343%2C925%2C158%2C869%2C439%2C746%2C916%2C926%2C664%2C466%2C826%2C112%2C542%2C111%2C967%2C298%2C443%2C927%2C917%2C846%2C544%2C299%2C941%2C582%2C446%2C474%2C666%2C754%2C668%2C698&s=NGDPDPC&grp=0&a=&pr.x=50&pr.y=13 World Economic Outlook Database–April 2017] {{Webarchive|url=https://web.archive.org/web/20210624143304/https://www.imf.org/external/pubs/ft/weo/2017/02/weodata/weorept.aspx?sy=2016&ey=2016&scsm=1&ssd=1&sort=country&ds=.&br=1&c=512%2C672%2C914%2C946%2C612%2C137%2C614%2C546%2C311%2C962%2C213%2C674%2C911%2C676%2C193%2C548%2C122%2C556%2C912%2C678%2C313%2C181%2C419%2C867%2C513%2C682%2C316%2C684%2C913%2C273%2C124%2C868%2C339%2C921%2C638%2C948%2C514%2C943%2C218%2C686%2C963%2C688%2C616%2C518%2C223%2C728%2C516%2C836%2C918%2C558%2C748%2C138%2C618%2C196%2C624%2C278%2C522%2C692%2C622%2C694%2C156%2C142%2C626%2C449%2C628%2C564%2C228%2C565%2C924%2C283%2C233%2C853%2C632%2C288%2C636%2C293%2C634%2C566%2C238%2C964%2C662%2C182%2C960%2C359%2C423%2C453%2C935%2C968%2C128%2C922%2C611%2C714%2C321%2C862%2C243%2C135%2C248%2C716%2C469%2C456%2C253%2C722%2C642%2C942%2C643%2C718%2C939%2C724%2C644%2C576%2C819%2C936%2C172%2C961%2C132%2C813%2C646%2C199%2C648%2C733%2C915%2C184%2C134%2C524%2C652%2C361%2C174%2C362%2C328%2C364%2C258%2C732%2C656%2C366%2C654%2C734%2C336%2C144%2C263%2C146%2C268%2C463%2C532%2C528%2C944%2C923%2C176%2C738%2C534%2C578%2C536%2C537%2C429%2C742%2C433%2C866%2C178%2C369%2C436%2C744%2C136%2C186%2C343%2C925%2C158%2C869%2C439%2C746%2C916%2C926%2C664%2C466%2C826%2C112%2C542%2C111%2C967%2C298%2C443%2C927%2C917%2C846%2C544%2C299%2C941%2C582%2C446%2C474%2C666%2C754%2C668%2C698&s=NGDPDPC&grp=0&a=&pr.x=50&pr.y=13 |date=24 June 2021 }}, [[International Monetary Fund]]. Accessed on 18 April 2017.</ref>

{| class="wikitable" style="text-align: right; float:left; border:1px solid #aaa; margin:10px"
|- style="background:#dbdbdb;"
! Rank
! Country
! [[List of IMF ranked countries by past and projected GDP (nominal)|GDP]] <small>(nominal, Peak Year)</small><br /><small>millions of [[International dollar|USD]]</small>
! Peak Year
|-
| ||align="left" |''{{nowrap|{{flag|European Union}}}}''<ref>{{Cite web|url=https://www.imf.org/en/Publications/WEO/weo-database/2019/October/weo-report|title=Report for Selected Countries and Subjects|website=IMF}}</ref>||19,226,235||2008
|-
| 1 ||align=left|{{flag|Germany}}||4,429,838||2023
|-
| 2 ||align=left|{{nowrap|{{flag|United Kingdom}}}}||3,332,059||2023
|-
| 3 ||align=left|{{flag|France}}||3,049,016||2023
|-
| 4 ||align=left|{{flag|Italy}}<ref>[https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?end=2008&locations=IT-ES&start=1960 World Bank's GDP (Nominal) Data for Italy]</ref>||2,408,655||2008
|-
| 5 ||align=left|{{flag|Russia}} ||2,288,428||2013
|-
| 6 ||align=left|{{flag|Spain}}<ref>{{Cite web|url=https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?end=2008&locations=IT-ES&start=1960 |title=World Bank's GDP (Nominal) Data for Spain|website=World Bank Open Data}}</ref>||1,631,863||2008
|-
| 7 ||align=left|{{flag|Turkey}}||1,154,600||2023
|-
| 8 ||align=left|{{flag|Netherlands}}||1,092,748||2023
|-
| 9 ||align=left|{{flag|Switzerland}}||905,684||2023
|-
| 10 ||align=left|{{flag|Poland}}||842,172||2023
|}
{| class="wikitable" style="text-align: right; float:left; border:1px solid #aaa; margin:10px"
|- style="background:#dbdbdb;"
! Rank
! Country
! [[List of countries by past and projected GDP (PPP)|GDP]] <small>(PPP, Peak Year)</small><br /><small>millions of [[International dollar|USD]]</small>
! Peak Year
|-
| ||align="left" |''{{nowrap|{{flag|European Union}}}}''<ref>{{Cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2023/October/weo-report?a=1&c=998,&s=PPPGDP,&sy=2023&ey=2023&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=Peak GDP (PPP) for the European Union |access-date=2023-10-10 }}</ref>||25,430,409||2023
|-
| 1 ||align=left|{{flag|Germany}}||5,537,992||2023
|-
| 2 ||align=left|{{flag|Russia}}<ref>{{Cite web|url=https://databankfiles.worldbank.org/public/ddpext_download/GDP_PPP.pdf|title=World Bank's GDP (PPP) Data for Russia}}</ref>||5,326,855||2022
|-
| 3 ||align=left|{{nowrap|{{flag|United Kingdom}}}}||3,871,790||2023
|-
| 4 ||align=left|{{flag|France}}||3,868,619||2023
|-
| 5 ||align=left|{{flag|Turkey}}||3,613,540||2023
|-
| 6 ||align=left|{{flag|Italy}}||3,193,180||2023
|-
| 7 ||align=left|{{flag|Spain}}||2,413,066||2023
|-
| 8 ||align=left|{{flag|Poland}}||1,712,629||2023
|-
| 9 ||align=left|{{flag|Netherlands}}||1,297,024||2023
|-
| 10 ||align=left|{{flag|Romania}}||794,055||2022
|}
{{clear}}

===Economic history===
;Industrial growth (1760–1945)
Capitalism has been dominant in the Western world since the end of feudalism.<ref>[https://www.britannica.com-archive-online.eu/EBchecked/topic/93927/capitalism Capitalism] {{webarchive|url=https://web.archive.org/web/20140517172857/https://www.britannica.com-archive-online.eu/EBchecked/topic/93927/capitalism |date=17 May 2014 }}. ''Encyclopædia Britannica.''</ref> From Britain, it gradually spread throughout Europe.<ref>{{Cite book|title=Industrialism: A Dictionary of Sociology|author=Scott, John|publisher=Oxford University Press|year=2005}}</ref> The [[Industrial Revolution]] started in Europe, specifically the United Kingdom in the late 18th century,<ref>{{cite web|url=http://www.historyguide.org/intellect/lecture17a.html|title=The Origins of the Industrial Revolution in England|publisher=The History Guide|first=Steven|last=Kreis|date=11 October 2006|access-date=1 January 2007|archive-date=2 November 2015|archive-url=https://web.archive.org/web/20151102090701/http://www.historyguide.org/intellect/lecture17a.html|url-status=live}}</ref> and the 19th century saw Western Europe industrialise. Economies were disrupted by the First World War, but by the beginning of the Second World War, they had recovered and were having to compete with the growing economic strength of the United States. The Second World War, again, damaged much of Europe's industries.

;Cold War (1945–1991)
[[File:Thefalloftheberlinwall1989.JPG|thumb|right|Fall of the [[Berlin Wall]] in 1989]]
[[File:Carte zone euro.svg|thumb| [[Eurozone]] (blue colour)]]
After the Second World War the economy of the UK was in a state of ruin,<ref>Dornbusch, Rudiger; Nölling, Wilhelm P.; Layard, Richard G. ''Postwar Economic Reconstruction and Lessons for the East Today'', p. 117</ref> and continued to suffer relative economic decline in the following decades.<ref>{{Cite book|title=Rethinking International Organisation: Deregulation and Global Governance|last=Emadi-Coffin|first=Barbara|year=2002|publisher=Routledge|isbn=978-0-415-19540-9|page=64}}</ref> Italy was also in a poor economic condition but regained a high level of growth by the 1950s. West Germany [[Wirtschaftswunder|recovered quickly]] and had doubled production from pre-war levels by the 1950s.<ref>Dornbusch, Rudiger; Nölling, Wilhelm P.; Layard, Richard G. ''Postwar Economic Reconstruction and Lessons for the East Today'', p. 29</ref> France also staged a remarkable comeback enjoying rapid growth and modernisation; later on Spain, under the leadership of [[Francisco Franco|Franco]], also recovered and the nation recorded huge unprecedented economic growth beginning in the 1960s in what is called the [[Spanish miracle]].<ref>Harrop, Martin. ''Power and Policy in Liberal Democracies'', p. 23</ref> The majority of [[Central and Eastern Europe]]an states came under the control of the [[Soviet Union]] and thus were members of the [[Council for Mutual Economic Assistance]] (COMECON).<ref name="loc-cs">"Germany (East)", Library of Congress Country Study, [http://memory.loc.gov/frd/cs/germany_east/gx_appnb.html Appendix B: The Council for Mutual Economic Assistance] {{Webarchive|url=https://web.archive.org/web/20090501075842/http://memory.loc.gov/frd/cs/germany_east/gx_appnb.html |date=1 May 2009 }}</ref>

The states which retained a [[free-market]] system were given a large amount of aid by the United States under the [[Marshall Plan]].<ref>{{cite web|url=https://history.state.gov/milestones/1945-1952/marshall-plan|title=Marshall Plan|publisher=US Department of State Office of the historian|access-date=30 July 2022|archive-date=14 April 2015|archive-url=https://web.archive.org/web/20150414153651/https://history.state.gov/milestones/1945-1952/marshall-plan|url-status=live}}</ref> The western states moved to link their economies together, providing the basis for the EU and increasing cross border trade. This helped them to enjoy rapidly improving economies, while those states in COMECON were struggling in a large part due to the cost of the [[Cold War]]. Until 1990, the [[European Community]] was expanded from 6 founding members to 12. The emphasis placed on resurrecting the West German economy led to it overtaking the UK as Europe's largest economy.

;Reunification (1991–present)
[[File:Trepca Miners (24876825).jpeg|thumb|left|One of [[Kosovo]]'s main economical sources is [[mining]], because it has large reserves of lead, [[zinc]], silver, [[nickel]], [[cobalt]], copper, iron and [[bauxite]].<ref>{{cite web|title=Kosovo: Natural resources key to the future, say experts|url=http://www.adnkronos.com/AKI/English/Business/?id=1.0.1683003038|website=adnkronos.com|access-date=17 March 2011|url-status=live|archive-url=https://web.archive.org/web/20110707084602/http://www.adnkronos.com/AKI/English/Business/?id=1.0.1683003038|archive-date=7 July 2011}}</ref> Miners at the [[Trepča Mines]] in [[Mitrovica, Kosovo|Mitrovica]], Kosovo in 2011.]]
With the fall of communism in Central and Eastern Europe in 1991, the post-socialist states underwent [[Shock therapy (economics)|shock therapy]] measures to liberalise their economies and implement free market reforms.

After [[East Germany|East]] and West Germany were reunited in 1990, the economy of West Germany struggled as it had to support and largely rebuild the infrastructure of East Germany, while the latter [[Economic history of the German reunification|experienced sudden mass unemployment and plummeting of industrial production]].

By the millennium change, the EU dominated the economy of Europe, comprising the five largest European economies of the time: Germany, the United Kingdom, France, Italy, and Spain. In 1999, 12 of the 15 members of the EU joined the [[Eurozone]], replacing their national currencies by the [[euro]].

Figures released by [[Eurostat]] in 2009 confirmed that the Eurozone had gone into [[Late 2000s recession in Europe|recession]] in 2008.<ref>{{cite web|url=http://www.eubusiness.com/news-eu/1231409822.27/ |title=EU data confirms eurozone's first recession|publisher= EUbusiness.com|date= 8 January 2009|archive-url=https://web.archive.org/web/20101230075057/http://www.eubusiness.com/news-eu/1231409822.27/|archive-date=30 December 2010}}</ref> It impacted much of the region.<ref>[https://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/4958395/Thanks-to-the-Bank-its-a-crisis-in-the-eurozone-its-a-total-catastrophe.html Thanks to the Bank it's a crisis; in the eurozone it's a total catastrophe] {{Webarchive|url=https://web.archive.org/web/20220531022342/https://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/4958395/Thanks-to-the-Bank-its-a-crisis-in-the-eurozone-its-a-total-catastrophe.html |date=31 May 2022 }}. Telegraph. 8 March 2009.</ref> In 2010, fears of a [[European sovereign-debt crisis|sovereign debt crisis]]<ref>{{cite news |title= Five Threats to the Common Currency |url= http://www.spiegel.de/international/europe/0,1518,677214,00.html |first= Stefan |last= Schultz |work= [[Spiegel Online]] |date= 11 February 2010 |access-date= 28 April 2010 |archive-date= 14 April 2010 |archive-url= https://web.archive.org/web/20100414110833/http://www.spiegel.de/international/europe/0,1518,677214,00.html |url-status= live }}</ref> developed concerning some countries in Europe, especially Greece, Ireland, Spain and Portugal.<ref>{{cite news |first1=Brian |last1=Blackstone |first2=Tom |last2=Lauricella |first3=Neil |last3=Shah |title=Global Markets Shudder: Doubts About U.S. Economy and a Debt Crunch in Europe Jolt Hopes for a Recovery |work=The Wall Street Journal |date=5 February 2010 |url=https://www.wsj.com/articles/SB10001424052748704041504575045743430262982 |access-date=10 May 2010 |archive-date=24 September 2015 |archive-url=https://web.archive.org/web/20150924135011/http://www.wsj.com/articles/SB10001424052748704041504575045743430262982 |url-status=live }}</ref> As a result, measures were taken, especially for Greece, by the leading countries of the Eurozone.<ref>{{cite web |author=Lauren Frayer |url=http://www.aolnews.com/world/article/european-leaders-try-to-calm-fears-over-greek-debt-crisis-and-protect-euro/19469674 |title=European Leaders Try to Calm Fears Over Greek Debt Crisis and Protect Euro |publisher=AOL News |access-date=2 June 2010 |url-status=dead |archive-url=https://web.archive.org/web/20100509111531/http://www.aolnews.com/world/article/european-leaders-try-to-calm-fears-over-greek-debt-crisis-and-protect-euro/19469674 |archive-date=9 May 2010 }}</ref> The [[European Union|EU-27]] unemployment rate was 10.3% in 2012. For those aged 15–24 it was 22.4%.<ref name="unemployment">[http://epp.eurostat.ec.europa.eu/statistics_explained/index.php/Unemployment_statistics Unemployment statistics] {{webarchive|url=https://web.archive.org/web/20120614152511/http://epp.eurostat.ec.europa.eu/statistics_explained/index.php/Unemployment_statistics |date=14 June 2012 }}. [[Eurostat]]. April 2012.</ref>
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