The European Union and the United States have the largest bilateral trade relationship and enjoy the most integrated economic relationship in the world. The European commission makes the following claims about the US and Europe:
- Total US investment in the EU is three times higher than in all of Asia.
- EU investment in the US is around eight times the amount of EU investment in India and China together.
- EU and US investments are the real driver of the transatlantic relationship, contributing to growth and jobs on both sides of the Atlantic. It is estimated that a third of the trade across the Atlantic actually consists of intra-company transfers.
- The transatlantic relationship also defines the shape of the global economy as a whole. Either the EU or the US is the largest trade and investment partner for almost all other countries in the global economy.
- The EU and the US economies account together for about half the entire world GDP and for nearly a third of world trade flows.
So it’s important here in the US what happens to Europe’s economies.
Spain has been mired in recession for over two years. Spain’s central bank released a statement Wednesday that said:
… a two-year recession in the euro zone’s fourth-largest economy ended in the third quarter, when Spain posted 0.1% growth from the previous quarter, in line with government projections.
In the first official estimate of economic performance during the quarter, the Bank of Spain said the bounce was driven by a strong contribution from the export sector and a decrease in imports, a continuation of trends seen in previous quarters.