Government budget balance
A government budget is a financial statement presenting the government's proposed revenues and spending for a financial year. The government budget balance alternatively referred to as general government balance, public budget balance, or public fiscal balance, is the overall difference between government revenues and spending. A positive balance is called a government budget surplus, a negative balance is a government budget deficit. A budget is prepared for each level of government and takes into account public social security obligations; the government budget balance can be broken down into the primary balance and interest payments on accumulated government debt. Furthermore, the budget balance can be broken down into the structural balance and the cyclical component: the structural budget balance attempts to adjust for the impact of cyclical changes in real GDP, in order to indicate the longer-run budgetary situation; the government budget surplus or deficit is a flow variable. Thus it is distinct from government debt, a stock variable since it is measured at a specific point in time.
The cumulative flow of deficits equals the stock of debt. The government fiscal balance is one of three major sectoral balances in the national economy, the others being the foreign sector and the private sector; the sum of the surpluses or deficits across these three sectors must be zero by definition. For example, if there is a foreign financial surplus because capital is imported to fund the trade deficit, there is a private sector financial surplus due to household saving exceeding business investment by definition, there must exist a government budget deficit so all three net to zero; the government sector includes federal and local governments. For example, the U. S. government budget deficit in 2011 was 10% GDP, offsetting a capital surplus of 4% GDP and a private sector surplus of 6% GDP. Financial journalist Martin Wolf argued that sudden shifts in the private sector from deficit to surplus forced the government balance into deficit, cited as example the U. S.: "The financial balance of the private sector shifted towards surplus by the unbelievable cumulative total of 11.2 per cent of gross domestic product between the third quarter of 2007 and the second quarter of 2009, when the financial deficit of US government reached its peak...
No fiscal policy changes explain the collapse into massive fiscal deficit between 2007 and 2009, because there was none of any importance. The collapse is explained by the massive shift of the private sector from financial deficit into surplus or, in other words, from boom to bust."Economist Paul Krugman explained in December 2011 the causes of the sizable shift from private deficit to surplus: "This huge move into surplus reflects the end of the housing bubble, a sharp rise in household saving, a slump in business investment due to lack of customers." The sectoral balances derive from the sectoral analysis framework for macroeconomic analysis of national economies developed by British economist Wynne Godley. GDP is the value of all services produced within a country during one year. GDP measures flows rather than stocks. GDP can be expressed equivalently in terms of production or the types of newly produced goods purchased, as per the National Accounting relationship between aggregate spending and income: Y = C + I + G + where Y is GDP, C is consumption spending, I is private investment spending, G is government spending on goods and services, X is exports and M is imports.
Another perspective on the national income accounting is to note that households can allocate total income to the following uses: Y = C + S + T where S is total saving and T is total taxation net of transfer payments. Combining the two perspectives gives C + S + T = Y = C + I + G +. Hence S + T = I + G +; this implies the accounting identity for the three sectoral balances – private domestic, government budget and external: = +. The sectoral balances equation says that total private saving minus private investment has to equal the public deficit plus net exports, where net exports is the net spending of non-residents on this country's production, thus total private saving equals private investment plus net exports. In macroeconomics, the Modern Money Theory describes any transactions between the government sector and the non-government sector as a vertical transaction; the government sector includes the
Kriváň is a mountain in the High Tatras, that dominates the upper part of the former Liptov County. Multiple surveys among nature lovers have ranked it as the country's most beautiful peak. Accessible along maintained marked trails and with the exceptional vistas afforded from its summit, it is the hikers' favorite mountain in the western part of the High Tatras. Kriváň has been a major symbol in Slovak ethnic and national activism for the past two centuries, it has been referenced in works of art from 19th-century literature, through paintings, film documentaries, to a Polish rock track. A country-wide vote in 2005 selected it to be one of the images on Slovakia's euro coins; the name Kriváň, first recorded as Kriwan in 1639, is derived from the root kriv- meaning "bent" or "crooked". It reflects the angled appearance of its shape when viewed from the west and south, characterized in the work from 1639 as an "oxtail"; the Slovak name is used in other languages including in Polish, rather than its potential Polonized version, except in Podhale in the immediate vicinity of the Tatras.
Two adjacent peaks in the nearby Malá Fatra range carry the same name, so does the village of Kriváň farther away in southern Slovakia. Based on visual observation, Kriváň competed for the status of the highest mountain in the High Tatras with Lomnický štít, which dominates the view from the east, until 1793 when the latter was identified as the higher of the two: is said to be the highest of all the Alps in the Carpathian chain; the relative elevations of the two mountains were determined by the English natural historian Robert Townson, who ascended both peaks in August 1793 and made an early recorded comment on Kriváň's aesthetic appeal: The weather was fine, the Krivan, having got in the night a cap of snow, looked sublime. 1888 yards above the village of Vasetz. The exact elevation of Kriváň is recognized as 2,494.7 metres Kriváň is believed to have the greatest height from its base in the whole Tatras, as it rises from the bottom of the Kôprova valley or from Tri Studničky up to 1,400 metres.
A travel book Ungarisher oder Dacianisher Simplicissimus written by Daniel Georg Speer in 1693 mentions a current legend explaining how Krivan got its shape. Lucifer flew over Tatras carrying some people to hell, his foot tripped on the tip of Krivan which got bent, losing his balance he dropped the sinners who populated since the county of Liptov. Records of explorations by miners in the Kriváň massif date to the first half of the 15th century, their presence increased during the gold rush of the 16th century. Although they may not have been the first to do so, it is probable that some of the miners reached the top of Kriváň; the commercial exploitation of the meager deposits discovered at Kriváň proved to be viable. It was abandoned in the 18th century; the Scottish doctor Townson who ascended it in 1793 provided some evidence that Kriváň was a recognized occasional destination for tourists in the second half of the 18th century. His guide from Važec had been to the top several times before and Townson saw him collect small coins from under a summit stone where hikers would leave them for luck.
The first recorded ascent of Kriváň was by the Lutheran Pastor Andreas Jonas Czirbes from Spišská Nová Ves on 4 August 1773. The first celebrity to attempt ascent of Kriváň was the 30-year-old Habsburg Archduke Joseph in 1806, but the plan was abandoned due to inclement weather although parts of the winding road to the old gold mine high on the slopes had been improved and a campsite built; the first VIP to reach the summit was the 43-year-old King Frederick Augustus II of Saxony in 1840. The plaque placed at the top to commemorate the first monarch who stood there was destroyed by activists in the 1850s-1860s, who would have wished the inscription to include a comment in Slovak and who objected to where the inscription spoke of the Hungarian nation in reference to all the subjects of the Kingdom of Hungary. Lower nobleman Gašpar Fejérpataky Belopotocký, an influential publisher based at Liptovský Mikuláš 20 miles from Kriváň, his six friends climbed to the top of Kriváň on 24 Sept. 1835, which he described in the literary journal Hronka in 1837.
The account may have stimulated its readers. The ascent that became most memorable in Slovak culture was by Ľudovít Štúr a 25-year-old teaching assistant of Slovak at the Bratislava Lutheran Lýceum. In the summer of 1841 he traveled through the Slovak counties with his private Greek student Prince Aristarchos and stopped at Michal Miloslav Hodža's parish at Liptovský Mikuláš, whose younger brother Juraj was Štúr's student at the lýceum. Štúr and a group of locals, Fejérpataky Belopotocký among them, hiked to the top of Kriváň on 16 August, its first recorded ascent that included women. A similar hike, without Štúr, took place the following year, sporadically later, their organizers called them "national excursions" with increasing frequency. They were constituted as an annual late-August event by the
Forbes is an American business magazine. Published bi-weekly, it features original articles on finance, industry and marketing topics. Forbes reports on related subjects such as technology, science and law, its headquarters is located in New Jersey. Primary competitors in the national business magazine category include Fortune and Bloomberg Businessweek; the magazine is well known for its lists and rankings, including of the richest Americans, of the world's top companies, The World's Billionaires. The motto of Forbes magazine is "The Capitalist Tool", its chair and editor-in-chief is Steve Forbes, its CEO is Mike Federle. It was sold to Integrated Whale Media Investments. B. C. Forbes, a financial columnist for the Hearst papers, his partner Walter Drey, the general manager of the Magazine of Wall Street, founded Forbes magazine on September 15, 1917. Forbes provided the money and the name and Drey provided the publishing expertise; the original name of the magazine was Forbes: Devoted to Doings.
Drey became vice-president of the B. C. Forbes Publishing Company, while B. C. Forbes became editor-in-chief, a post he held until his death in 1954. B. C. Forbes was assisted in his years by his two eldest sons, Bruce Charles Forbes and Malcolm Stevenson Forbes. Bruce Forbes took over on his father's death, his strengths lay in streamlining operations and developing marketing. During his tenure, 1954–1964, the magazine's circulation nearly doubled. On Bruce's death, his brother Malcolm Stevenson "Steve" Forbes Jr. became President and Chief executive of Forbes and Editor-in-Chief of Forbes magazine. Between 1961 and 1999 the magazine was edited by James Michaels. In 1993, under Michaels, Forbes was a finalist for the National Magazine Award. In 2006, an investment group Elevation Partners that includes rock star Bono bought a minority interest in the company with a reorganization, through a new company, Forbes Media LLC, in which Forbes Magazine and Forbes.com, along with other media properties, is now a part.
A 2009 New York Times report said: "40 percent of the enterprise was sold... for a reported $300 million, setting the value of the enterprise at $750 million". Three years Mark M. Edmiston of AdMedia Partners observed, "It's not worth half of that now", it was revealed that the price had been US$264 million. In January 2010, Forbes reached an agreement to sell its headquarters building Fifth Avenue in Manhattan to New York University; the company's headquarters subsequently moved to the Newport section of downtown Jersey City, New Jersey, in 2014. In November 2013, Forbes Media, which publishes Forbes magazine, was put up for sale; this was encouraged by minority shareholders Elevation Partners. Sale documents prepared by Deutsche Bank revealed that the publisher's 2012 EBITDA was US$15 million. Forbes sought a price of US$400 million. In July 2014, the Forbes family bought out Elevation and sold a 51 per cent majority of the company to Integrated Whale Media Investments. Apart from Forbes and its lifestyle supplement, Forbes Life, other titles include Forbes Asia and fifteen local language editions.
Steve Forbes and his magazine's writers offer investment advice on the weekly Fox TV show Forbes on Fox and on Forbes on Radio. Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. From the 2009 Times report: "Steve Forbes returned from opening up a Forbes magazine in India, bringing the number of foreign editions to 10." In addition, that year the company began publishing ForbesWoman, a quarterly magazine published by Steve Forbes's daughter, Moira Forbes, with a companion Web site. The company published American Legacy magazine as a joint venture, although that magazine separated from Forbes on May 14, 2007; the company formerly published American Heritage and Invention & Technology magazines. After failing to find a buyer, Forbes suspended publication of these two magazines as of May 17, 2007. Both magazines were purchased by the American Heritage Publishing Company and resumed publication as of the spring of 2008. Forbes has published the Forbes Travel Guide since 2009.
On January 6, 2014, Forbes magazine announced that, in partnership with app creator Maz, it was launching a social networking app called "Stream". Stream allows Forbes readers to save and share visual content with other readers and discover content from Forbes magazine and Forbes.com within the app. Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes's holdings include a portion of RealClearPolitics. Together these sites reach more than 27 million unique visitors each month. Forbes.com employs the slogan "Home Page for the World's Business Leaders" and claimed, in 2006, to be the world's most visited business web site. The 2009 Times report said that, while "one of the top five financial sites by traffic off an estimated $70 million to $80 million a year in revenue, never yielded the hoped-for public offering". Forbes.com uses a "contributor model" in which a wide network of "contributors" writes and publishes articles directly on the website. Contributors are paid based on traffic to their respective Forbes.com pages.
Forbes allows advertisers to publish blog posts on its website alongside regular editorial content through a program called BrandVoice, which accounts for more than 10 pe
Ivan Janša, baptized and best known as Janez Janša, is a Slovenian politician, Prime Minister of Slovenia from 2004 to 2008 and again from 2012 to 2013. He has led the Slovenian Democratic Party since 1993. Janša was Minister of Defence from 1990 to 1994, holding that post during the Slovenian War of Independence. Janša became Prime Minister again in 2012, following an early election in December 2011. On 27 February 2013, Janša's second government was ousted in a vote of non-confidence, Positive Slovenia's Alenka Bratušek was tasked to form a new government. On 5 June 2013, Janša was sentenced to two years in prison on corruption charges; the ruling was confirmed by Slovenia's higher court on 28 April 2014 and unanimously overturned by the Constitutional Court of Slovenia on 23 April 2015. Janša is a close ally of Hungary's Prime Minister Viktor Orbán. Janša was born to a Roman Catholic working-class family of Grosuplje, he was called Janez since childhood. His father was a member of the Slovenian Home Guard from Dobrova near Ljubljana who had escaped Communist retaliation due to his young age.
Janša graduated from the Faculty of Social Sciences of the University of Ljubljana with a degree in Defence Studies in 1982, became a trainee in the Defence Secretariate of the Socialist Republic of Slovenia. In his younger years, when being a communist was advantageous for career, he was a member of the League of Communists and one of the leaders of its youth wing, he became president of the Committee for Basic People's Defence and Social Self-Protection of the League of the Socialist Youth of Slovenia. In 1983, Janša wrote the first of his dissident articles about the nature of the Yugoslav People's Army. In the late 1980s, as Slovenia was introducing democratic reforms and lifting restrictions on freedom of speech, Janša wrote several articles criticising the Yugoslav People's Army in Mladina magazine; as a result, his re-election as president of the Committee was blocked in 1984, in 1985 his passport was withdrawn. He said that he made over 250 job applications in the following year without success, was unable to secure publication of some articles.
Other articles are documented in COBISS In this period he earned his living writing computer programs and acting as a mountaineering guide. Liberalization in the succeeding years allowed him to get work as secretary of the Journal for the Criticism of Science and to begin publishing again in Mladina magazine, he became involved in the pacifist movement, emerged as an important activist in the network of civil society organizations in Slovenia. By the mid-1980s, he was one of the most prominent activist of the Slovenian pacifist movement. In the mid-1980s, Janša was employed in the Slovenian software company Mikrohit. In 1987, Janša was approached by the family of the late politician Stane Kavčič, the most important exponent of the reformist fraction in the Slovenian Communist Party in the late 1960s, Prime Minister of Slovenia between 1967 and 1972. Janša edited the volume together with Igor Bavčar; the publication of the book was part of the political project of Niko Kavčič, former banker and prominent member of the reformist wing of the Communist Party, to establish a new Slovenian left wing political formation that would challenge the hardliners within the Communist Party.
In the spring of 1988, Janša ran for president of the League of the Socialist Youth of Slovenia, a semi-independent youth organization of the Communist Party, open, since 1986 to non-party members. In his program, Janša proposed that the organization become independent of the Communist Party and transform itself into an association of all youth and civic associations. During that time, he participated in the public discussions on the constitutional changes of Yugoslav and Slovenian constitution. On 30 May 1988, he was arrested together with three other Mladina journalists and a staff sergeant of the Yugoslav Army, Ivan Borštner, they were tried in a military court on charges of exposing military secrets, given prison sentences. The trial was conducted in camera, with no legal representation for the accused, in Serbo-Croatian rather than in Slovene. Janša was sentenced to 18 months imprisonment in the maximum security prison at Dob, but following a public outcry, he was transferred to the open prison of Ig.
The case became known as the JBTZ-trial and triggered mass protests against the government, which marked the beginning of the process of democratization, known as the Slovenian Spring. The Committee for the Defence of the Rights of Janez Janša was formed soon after his arrest, which became the largest grassroots civil society organization in Slovenia with over 100,000 members; some circumstances surrounding Janša's arrest have never been clarified the role played by the Slovenian Communist leadership. Janša when membership of Communist Party was no longer prerequisite for good career, accused the Slovenian Communist leader Milan Kučan of having accepted the Yugoslav Army's request for the arrest. Niko Kavčič, at that time considered Janša's political mentor, believed the
Jean-Claude Juncker is a Luxembourgish politician serving as President of the European Commission since 2014. From 1995 to 2013 he served as the 23rd Prime Minister of Luxembourg. By the time he left office, he was the longest-serving head of any national government in the EU, one of the longest-serving democratically elected leaders in the world, his tenure encompassing the height of the European financial and sovereign debt crisis. From 2005 to 2013, Juncker served as the first permanent President of the Eurogroup. In 2014, the European People's Party had Juncker as its lead candidate, or Spitzenkandidat, for the presidency of the Commission in the 2014 elections; this marked the first time. Juncker is the first president that prior to the election has campaigned as a candidate for the position, a process introduced with the Treaty of Lisbon; the EPP won 220 out of 751 seats in the Parliament. On 27 June 2014, the European Council nominated Juncker for the position, on 15 July 2014, the European Parliament elected him with a majority of 422 votes from a total of 729 cast.
He succeeded José Manuel Barroso as President on 1 November 2014. Juncker stated that his priorities would be the creation of a digital single market, the development of an EU Energy Union, the negotiation of the Transatlantic Trade Agreement, the continued reform of the Economic and Monetary Union of the European Union—with the social dimension in mind—and a "targeted fiscal capacity" for the Eurozone, as well as to negotiate a new deal with Britain. Juncker was born in Redange and spent the majority of his childhood in Belvaux, he studied at the Roman Catholic "école apostolique" at Clairefontaine on the edge of Arlon in Belgium, before returning to Luxembourg to study for his Baccalaureate at the Lycée Michel Rodange. He joined the Christian Social People's Party in 1974, he studied Law at the University of Strasbourg, graduating with a Masters in Law in 1979, although he was sworn into the Luxembourg Bar Council in 1980, he never practised as a lawyer. In addition to his native language Luxembourgish, Juncker is fluent in French and English.
Following Juncker's graduation from the University of Strasbourg, he was appointed as a Parliamentary Secretary. He won election to the Chamber of Deputies for the first time in 1984 and was appointed to the Cabinet of Prime Minister Jacques Santer as Minister of Labour; this led to his being given a chairman's role at a number of meetings of the Council of the European Communities, where Juncker's pro-Europe credentials first emerged. Shortly before the 1989 election Juncker was injured in a road accident, spending two weeks in a coma, he has stated. He nonetheless recovered in time to be returned to the Chamber of Deputies once more, after which he was promoted to become Minister for Finance, a post traditionally seen as a rite of passage to the premiership of the country, his eventual promotion to Prime Minister seemed at this time inevitable, with political commentators concluding that Santer was grooming Juncker as his successor. Juncker at this time accepted the position of Luxembourg's representative on the 188-member board of Governors of the World Bank.
Juncker's second election to Parliament saw him gain prominence within the European Union. Juncker was responsible for clauses on Economic and Monetary Union, the process that would give rise to the Euro, was himself a signatory to the Treaty in 1992, by which time he had taken over as parliamentary leader of the Christian Social People's Party. Juncker was re-elected to the Chamber in 1994. With Santer ready to be nominated as the next President of the European Commission, it was only six months that Grand Duke Jean approved the appointment of Juncker as Prime Minister on 20 January 1995, as part of a coalition with the Luxembourg Socialist Workers' Party. Juncker relinquished his post at the World Bank at this time, but maintained his position as Minister for Finance. Juncker's first term as Prime Minister was focused on an economic platform of international bilateral ties to improve Luxembourg's profile abroad, which included a number of official visits abroad. During one such visit, to Dublin in December 1996, Juncker mediated a dispute over his own EU Economic and Monetary Union policy between French President Jacques Chirac and German Chancellor Helmut Kohl.
The press dubbed Juncker the "Hero of Dublin" for achieving an unlikely consensus between the two.1997 brought the rotating Presidency of the European Council to Luxembourg, during which time Juncker championed the cause of social integration in Europe, along with constituting the so-called "Luxembourg Process" for integrated European policy against unemployment. He instigated the "Euro 11", an informal group of European finance ministers for matters regarding his Economic and Monetary Union ideals. For all of these initiatives, he was honoured with the Vision for Europe Award in 1998. Juncker succeeded in winning another term as Prime Minister in the 1999 election, although the coalition with the Luxembourg Socialist Workers' Party was broken in favour of one with the Democratic Party. After the 2004 election, the Luxembourg Socialist Workers' Party became the second largest party again, Juncker again formed a coalition with them. In 2005, Juncker inherited a second term as President of the European Council.
Shortly after the expiration of
The Czech Republic known by its short-form name, Czechia, is a landlocked country in Central Europe bordered by Germany to the west, Austria to the south, Slovakia to the east and Poland to the northeast. The Czech Republic covers an area of 78,866 square kilometres with a temperate continental climate and oceanic climate, it is a unitary parliamentary republic, with 10.6 million inhabitants. Other major cities are Brno, Ostrava and Pilsen; the Czech Republic is a member of the European Union, NATO, the OECD, the United Nations, the OSCE, the Council of Europe. It is a developed country with an advanced, high income export-oriented social market economy based in services and innovation; the UNDP ranks the country 14th in inequality-adjusted human development. The Czech Republic is a welfare state with a "continental" European social model, a universal health care system, tuition-free university education and is ranked 14th in the Human Capital Index, it ranks as the 6th safest or most peaceful country and is one of the most non-religious countries in the world, while achieving strong performance in democratic governance.
The Czech Republic includes the historical territories of Bohemia and Czech Silesia. The Czech state was formed in the late 9th century as the Duchy of Bohemia under the Great Moravian Empire. After the fall of the Empire in 907, the centre of power transferred from Moravia to Bohemia under the Přemyslid dynasty. In 1002, the duchy was formally recognized as an Imperial State of the Holy Roman Empire along with the Kingdom of Germany, the Kingdom of Burgundy, the Kingdom of Italy, numerous other territories, becoming the Kingdom of Bohemia in 1198 and reaching its greatest territorial extent in the 14th century. Beside Bohemia itself, the King of Bohemia ruled the lands of the Bohemian Crown, holding a vote in the election of the Holy Roman Emperor. In the Hussite Wars of the 15th century driven by the Protestant Bohemian Reformation, the kingdom faced economic embargoes and defeated five consecutive crusades proclaimed by the leaders of the Catholic Church. Following the Battle of Mohács in 1526, the whole Crown of Bohemia was integrated into the Habsburg Monarchy alongside the Archduchy of Austria and the Kingdom of Hungary.
The Protestant Bohemian Revolt against the Catholic Habsburgs led to the Thirty Years' War. After the Battle of the White Mountain, the Habsburgs consolidated their rule, eradicated Protestantism and reimposed Catholicism, adopted a policy of gradual Germanization; this contributed to the anti-Habsburg sentiment. A long history of resentment of the Catholic Church followed and still continues. With the dissolution of the Holy Roman Empire in 1806, the Bohemian Kingdom became part of the German Confederation 1815-1866 as part of Austrian Empire and the Czech language experienced a revival as a consequence of widespread romantic nationalism. In the 19th century, the Czech lands became the industrial powerhouse of the monarchy and were subsequently the core of the Republic of Czechoslovakia, formed in 1918 following the collapse of the Austro-Hungarian Empire after World War I. Czechoslovakia remained the only democracy in this part of Europe in the interwar period. However, the Czech part of Czechoslovakia was occupied by Germany in World War II, while the Slovak region became the Slovak Republic.
Most of the three millions of the German-speaking minority were expelled following the war. The Communist Party of Czechoslovakia won the 1946 elections and after the 1948 coup d'état, Czechoslovakia became a one-party communist state under Soviet influence. In 1968, increasing dissatisfaction with the regime culminated in a reform movement known as the Prague Spring, which ended in a Soviet-led invasion. Czechoslovakia remained occupied until the 1989 Velvet Revolution, when the communist regime collapsed and market economy was reintroduced. On 1 January 1993, Czechoslovakia peacefully dissolved, with its constituent states becoming the independent states of the Czech Republic and Slovakia; the Czech Republic joined NATO in 1999 and the EU in 2004. The traditional English name "Bohemia" derives from Latin "Boiohaemum", which means "home of the Boii"; the current English name comes from the Polish ethnonym associated with the area, which comes from the Czech word Čech. The name comes from the Slavic tribe and, according to legend, their leader Čech, who brought them to Bohemia, to settle on Říp Mountain.
The etymology of the word Čech can be traced back to the Proto-Slavic root *čel-, meaning "member of the people. The country has been traditionally divided into three lands, namely Bohemia in the west, Moravia in the east, Czech Silesia in the northeast. Known as the lands of the Bohemian Crown since the 14th century, a number of other names for the country have been used, including Czech/Bohemian lands, Bohemian Crown and the lands of the Crown of Saint Wenceslas; when the country regained its independence after the dissolution of the Austro-Hungarian empire in 1918, the new name of Czechoslovakia was coined to reflect the union of the Czech and Slovak nations within the one country. After Czechoslovakia dissolved in 1992, the Czech part lac
The European Union is a political and economic union of 28 member states that are located in Europe. It has an area of an estimated population of about 513 million; the EU has developed an internal single market through a standardised system of laws that apply in all member states in those matters, only those matters, where members have agreed to act as one. EU policies aim to ensure the free movement of people, goods and capital within the internal market, enact legislation in justice and home affairs and maintain common policies on trade, agriculture and regional development. For travel within the Schengen Area, passport controls have been abolished. A monetary union was established in 1999 and came into full force in 2002 and is composed of 19 EU member states which use the euro currency; the EU and European citizenship were established when the Maastricht Treaty came into force in 1993. The EU traces its origins to the European Coal and Steel Community and the European Economic Community, established by the 1951 Treaty of Paris and 1957 Treaty of Rome.
The original members of what came to be known as the European Communities were the Inner Six: Belgium, Italy, the Netherlands, West Germany. The Communities and its successors have grown in size by the accession of new member states and in power by the addition of policy areas to its remit; the latest major amendment to the constitutional basis of the EU, the Treaty of Lisbon, came into force in 2009. While no member state has left the EU or its antecedent organisations, the United Kingdom signified the intention to leave after a membership referendum in June 2016 and is negotiating its withdrawal. Covering 7.3% of the world population, the EU in 2017 generated a nominal gross domestic product of 19.670 trillion US dollars, constituting 24.6% of global nominal GDP. Additionally, all 28 EU countries have a high Human Development Index, according to the United Nations Development Programme. In 2012, the EU was awarded the Nobel Peace Prize. Through the Common Foreign and Security Policy, the EU has developed a role in external relations and defence.
The union maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the World Trade Organization, the G7 and the G20. Because of its global influence, the European Union has been described as an emerging superpower. During the centuries following the fall of Rome in 476, several European States viewed themselves as translatio imperii of the defunct Roman Empire: the Frankish Empire and the Holy Roman Empire were thereby attempts to resurrect Rome in the West; this political philosophy of a supra-national rule over the continent, similar to the example of the ancient Roman Empire, resulted in the early Middle Ages in the concept of a renovatio imperii, either in the forms of the Reichsidee or the religiously inspired Imperium Christianum. Medieval Christendom and the political power of the Papacy are cited as conducive to European integration and unity. In the oriental parts of the continent, the Russian Tsardom, the Empire, declared Moscow to be Third Rome and inheritor of the Eastern tradition after the fall of Constantinople in 1453.
The gap between Greek East and Latin West had been widened by the political scission of the Roman Empire in the 4th century and the Great Schism of 1054. Pan-European political thought emerged during the 19th century, inspired by the liberal ideas of the French and American Revolutions after the demise of Napoléon's Empire. In the decades following the outcomes of the Congress of Vienna, ideals of European unity flourished across the continent in the writings of Wojciech Jastrzębowski, Giuseppe Mazzini or Theodore de Korwin Szymanowski; the term United States of Europe was used at that time by Victor Hugo during a speech at the International Peace Congress held in Paris in 1849: A day will come when all nations on our continent will form a European brotherhood... A day will come when we shall see... the United States of America and the United States of Europe face to face, reaching out for each other across the seas. During the interwar period, the consciousness that national markets in Europe were interdependent though confrontational, along with the observation of a larger and growing US market on the other side of the ocean, nourished the urge for the economic integration of the continent.
In 1920, advocating the creation of a European economic union, British economist John Maynard Keynes wrote that "a Free Trade Union should be established... to impose no protectionist tariffs whatever against the produce of other members of the Union." During the same decade, Richard von Coudenhove-Kalergi, one of the first to imagine of a modern political union of Europe, founded the Pan-Europa Movement. His ideas influenced his contemporaries, among which Prime Minister of France Aristide Briand. In 1929, the latter gave a speech in favour of a European Union before the assembly of the League of Nations, precursor of the United Nations. In a radio address in March 1943, with war still raging, Britain's leader Sir Winston Churchill spoke warmly of "restoring the true greatness of Europe" once victory had been achieved, mused on the post-war creation of a "Council of Europe" which would bring the European nations together to build peace. After World War II, European integration was seen as an antidote to the extreme nationalism which had devastated the continent.
In a speech delivered on 19