European Union Economic Calendar

The economy of the European Union consists of the combined economies of its members. It is the third largest economy in nominal terms, behind the United States and China.

The economy of the European Union is an internal market of mixed economies built on a free market and progressive social models. It contains a single internal market with free movement of products, services, capital, and labor.

The services sector is by far the most significant industry in the European Union, followed by the manufacturing industry and the agriculture sector.

The Euro is the official currency of the European Union and is used by 19 countries of its 27 members. It is the second-largest traded currency in the world after the United States Dollar.

The European Central Bank (ECB) is one of the seven institutions of the European Union and is one of the most important banks in the world.

The ECB Governing Council sets monetary policy for the Eurozone and the European Union. The Governing Council makes policies and decisions, and the ECB Executive Board puts them into action. The ECB is the only one that can give permission to print Euro banknotes. Member states can make Euro coins, but the ECB must approve the number of coins first.

The European Central Bank's Governing Council determines the benchmark Interest Rate for the European Union, which is the rate of the principal refinancing operations. The primary objective of the ECB's monetary policy is to maintain price stability over the medium term, which includes keeping inflation below but near 2%.