TEMA 5. ECONOMIA UE 1. UE ca pia unic.

Indicatori economici
Uniunea European a stabilit o pia unic pe teritoriul tuturor statelor membre. O uniune monetar, zona euro este format din 17 state membre care folosesc moneda unic euro. n 2010, UE a generat un procent estimat de 26% (16.242 miliarde de dolari) din produsul intern brut la nivel mondial, astfel UE are cea mai mare economie a lumii. Este cel mai mare exportator, cel mai mare importator de bunuri i servicii i cel mai mare partener comercial pentru multe ri precum China, India i Statele Unite ale Americii. Din 500 cele mai mari corporaii dup venituri (Fortune Global 500 din 2010), 161 au sediul n Uniunea European. n noiembrie 2011, omajul n UE era de 9,8%[42], investiiile erau de 20,3% din PIB [43]n noiembrie 2011, inflaia de 3,4% iar deficitul public era de 6.6% n octombrie 2011[44]. Exist o variaie semnificativ ntre veniturile per capita ntre statele membre, acestea sunt ntre 11.000 de euro i pn la 70.000 de euro. Regiunile cu venit inferior mediei europene sunt n special n estul Europei, n noile state care au aderat dup 2004. Cteva fonduri acord ajutor de urgen, suport pentru statele candidate pentru a le aduce la standardele UE (Phare, ISPA i SAPARD) precum i ajutor pentru Comunitatea Statelor Independente (fostele state parte a URSS).

Cele 10 cele mai mari economii ale lumii si UE ca entitate dup PIB (2011)[41] Dou dintre obiectivele fundamentale iniiale ale Comunitii Economice Europene au fost dezvoltarea unei pie e comune, redenumit ulterior piaa unic, i o uniune vamal ntre statele membre. Piaa unic implic libera circulaie a mrfurilor,capitalurilor, persoanelor i serviciilor n cadrul UE,[50] iar uniunea vamal implic aplicarea unui tarif extern comun pentru toate mrfurile care intr pe pia. Odat ce mrfurile au fost admise n pia ele nu pot fi supuse taxelor vamale, taxelor discriminatorii sau cote de import. Statele non-UE, Islanda, Norvegia, Liechtenstein i Elveia sunt parte a pieei unice, dar nu i n uniunea vamal.[51] Jumtate din comerul din UE este reglementat de legislaia armonizat de ctre UE.[52] Libera circulaie a
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capitalurilor este destinat s permit circulaia investiiilor, cum ar fii achiziiile de proprietate i cumprarea de aciuni ntre ri.[53] Libertatea de circulaie a capitalurilor este unic n lume n msura n care este egal i statelor non-membre. Libertatea de micare a persoanelor nseamn c cetenii UE pot circula liber ntre statele membre pentru a locui, muncii, studia sau pentru a iesi la pensie ntr-o alt ar. Acest lucra a necesitat o reducere a formalitilor administrative i recunoaterea calificrilor profesionale ale altor state.[54] Libera circulaie a serviciilor permite lucrtorilor independeni s se deplaseze ntre statele membre pentru a presta servicii n mod temporar sau permanent. n timp ce serviciile reprezint 60-70% din PIB, legislaia nu este la fel de dezvoltat ca n alte domenii. Aceast lacun a fost abordat de directiva recent adoptat privind serviciile n cadrul pieei interne, care are ca scop liberalizarea prestrii serviciilor transfrontaliere. [55] n conformitate tratatului, prestarea de servicii este o libertate rezidual care se aplic numai n cazul n care nici o alt libertate nu este exercitate. Uniunea monetar
Crearea monedei unice europene a devenit un obiectiv oficial al Comunitii Economice Europene n 1969. Totui, doar dup Tratatul de la Maastricht din 1993, statele membre au fost din punct de vedere legal obligate s iniieze uniunea monetar nu mai trziu de 1 ianuarie 1999. La aceast dat, euro a fost lansat n 11 state membre ale UE. A rmas o moned contabil (virtual) pn la 1 ianuarie 2002 cnd au fost emise bancnotele i monedele iar bancnotele i monezile naionale au nceput s fie retrase n Zona Euro, care atunci avea 12 state membre. Zona euro (format din statele membre UE care au adoptat moneda euro) a crescut la 17 state membre, cel mai recent stat care a adoptat moneda fiind Estonia care a aderat la 1 ianuarie 2011. Toate statele membre, cu excepia Danemarcei i Regatul Unit, sunt obligate din punct de vedere legal s adere la zona euro cnd vor ndeplini criteriile de convergen. Romnia si-a propus s adere la zona euro n 2015. Suedia a evitat s adere la zona euro nendeplinind criteriile.

Banca Central European este banca central a zonei euro, aceasta controleaz politica monetar a zonei cu scopul de a men ine stabilitatea pre urilor. Ea este la centrul Sistemului European de Bnci Centrale, care cuprinde bncile naionale ale statelor membre i care este condus de un Consiliu General, constnd din Preedintele BCE, care este numit de Consiliul European, Vice-preedintele BCE i guvernatorii bncilor centrale naionale din cele 27 de state membre. Balan a de pl i The balance of payments records all economic transactions between resident and non-resident entities during a given period. The current account deficit of the EU-27 was EUR 131 800 million in 2009, corresponding to 1.1 % of gross domestic product (GDP), close to half the level of the deficit in 2008 when it had equalled about 2.0 %. The EU-27s current account deficit with China was EUR 113 900 million in 2009, three and a half times as large as the next largest deficits, which were with Russia and Japan. A current account surplus was recorded with Switzerland (EUR 34 800 million), about one fifth larger than that with the United States.1 (Fig. 1.5)
1
Key figures on Europe 2011,
3 Luxembourg: Publications Office of the European Union, 2011, ISBN 978-92-79-18441-

Foreign direct investment (FDI) is the category of international investment made by an entity resident in one economy (direct investor) to acquire a lasting interest in an enterprise operating in another economy (direct investment enterprise). The lasting interest is deemed to exist if the direct investor acquires at least 10 % of the voting power of the direct investment enterprise. FDI flows generally increase during times of rapid economic growth, while disinvestment is more likely during periods of recession as businesses focus on core activities in their domestic market. FDI may be seen as an alternative economic strategy, adopted by those enterprises that invest to establish a new plant/office, or alternatively, purchase existing assets of a foreign enterprise. These enterprises seek to complement or substitute external trade, by producing (and often selling) goods and services in countries other than where the enterprise was first established. FDI differs from portfolio investments because it is made with the purpose of having control or an effective voice in management and a lasting interest in the enterprise. Direct investment not only includes the initial acquisition of equity capital, but also subsequent capital transactions between the foreign investor and domestic and affiliated enterprises. FDI outward flows, 2006 to 2008 average (% of total EU-27 outward flows)

Outward

2006 Extra EU-27 United States Switzerland Canada Brazil Russia Hong Kong Singapore Japan Norway Australia Inward 2006 Extra EU-27 United States Switzerland Canada Brazil Russia Hong Kong Singapore Japan Norway Australia 2 022.7 926.1 282.5 105.2 14.6 14.6 17.4 26.8 97.9 55.6 18.8 2 746.0 949.3 364.6 114.1 92.4 50.5 86.1 52.5 75.7 50.2 53.6

2007 3 108.2 992.4 404.6 141.3 114.4 70.4 88.8 64.2 72.2 53.2 68.2 2007 2 3461 1 041.5 312.1 105.9 36.2 23.6 16.2 41.1 120.8 77.9 25.2

2008 3 252.9 1 058.1 453.7 139.9 112.5 92.0 88.9 80.9 76.1 67.1 58.7 2008 2 421.4 1 046.2 306.2 105.1 42.1 28.4 19.1 41.1 116.9 89.0 20.7

Growth rate 2006-2008 (%) 18.5 11.5 24.4 22.6 21.8 81.9 3.2 54.0 0.5 33.8 9.5 Growth rate 2006-2008 (%) 197 13.0 8.4 -0.2 188.3 95.0 9.6 53.2 19.4 60.2 10.0

2. Activitatea economic n sectoarele de baz

Structural business statistics Structural business statistics can provide answers to questions on the wealth creation and number of jobs in different activities, the structural shift from industry to services and where this trend is most notable, country specialisations, sectoral productivity, profitability and average wages, as well as many other topics. In 2007 there were an estimated 20.9 million enterprises within the EU-27's non-financial business economy which covers industry, construction, distributive trades and non-financial services. Collectively these enterprises employed 133.8 million persons in 2007 and generated EUR 6 146 thousand million of value added in 2007. Among the eight NACE Rev. 1.1 sections in the non-financial business economy, manufacturing was the largest in terms of employment and value added. Some 2.3 million manufacturing enterprises generated EUR 1 813 thousand million of value added in 2007, whilst providing employment for about 34.5 million persons. Structural business statistics broken down by enterprise size- class (defined in terms of the number of persons employed) show that less than one enterprise in 400 within the EU-27's non- financial business economy employed 250 or more persons (and was therefore considered as large) in 2007,
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but these enterprises accounted for approximately one third of employment and more than two fifths of value added.

7.2 Industrial production Prodcom is the name given to the system of industrial production statistics which covers mining and quarrying and manufactured products. Prodcom covers mining and quarrying as well as manufacturing, in other words, NACE Rev. 2 Sections B and C. Prodcom statistics are based on a list of products called the Prodcom List which consists of about 4 000 headings and is revised every year. Products are detailed at an 8 - digit
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level - only information at this level can be found in the Prodcom database, as production data for different products cannot be meaningfully aggregated. Table 7.1 shows the level of production in the EU-27 for a selection of products. As can be seen, transport equipment products dominated the list of the most sold manufacturing products in the EU-27 in value terms in 2009, occupying the top place with a number of further products among the top 15 shown. Table 7.1: Quantity of production sold, selected products, EU-27, 2009
PRODCOM code Product 24.10.22.10 23.51.12.10 11.02.11.30 20.42.11.50 20.11.11.70 16.10.23.03 12.00.11.50 27.90.52.20 Flat semi-finished products (slabs) (of stainless steel) Portland cement 170 710 000 Champagne (important: excluding 165 128 alcohol duty) Perfumes 12 303 Oxygen 23 723 810 Coniferous wood in chips or particles 34 483 920 Cigarettes (excluding tobacco duty) 705 113 340 Fixed electrical capacitors, tantalum 6 643 576 or aluminium electrolytic (excluding power capacitors) Quantity (1 000) Rounding base (1 000) (1) 89 764 Unit kg kg l l m3 kg p/st p/st

60

(1) Indicates the magnitude of the rounding employed to protect confidential cell (in the case of PRODCOM code 16.10.10.33, the confidential value lies within the range +/- 60 000 m3 of the reported value). Source: Eurostat, from http://epp.eurostat.ec.europa.eu/portal/page/portal/statistics/ search_database go to Data Navigation Tree/Database by themes/Industry, trade and services/Statistics on the production of manufactured goods (prom)/NACE Rev. 2 (prodcom_n2)/Prodcom Annual Sold (NACE Rev. 2) (DS056120)

As well as data by value, information on the physical quantity (also referred to as volume) of production sold during the survey period is also requested. Table 7.2 shows the quantity of production for a selection of products. Table 7.2: Production sold in value terms, selected products, EU-27, 2009
PRODCOM code Product 29.10.22.30 21.20.13.80 29.10.23.30 10.00.00.Z1 29.32.30.90 29.10.21.00 10.90.10.Z0 25.11.23.60 11.05.10.00 10.71.11.00 Motor vehicles with a petrol engine >1500 cm
3

Value (EUR million) 83 753

Rounding base (million) (1)

Other medicaments of mixed or unmixed 60 154 products, p.r.s., n.e.c. Motor vehicles with a diesel or semi- diesel 60 000 engine > 1 500 cm3 but <= 2 500 cm3 Prepared and preserved meat, meat offal or 46 965 blood, including prepared meat and offal dishes Other parts and accessories, n.e.c., for vehicles of42 0 00 HS 87.01 to 87.05; parts thereof Motor vehicles with a petrol engine <= 1 500 36 262 cm3 Preparations for animal feeds other than dog and 35 618 cat food Other structures of iron or steel 32 667 Beer other than non-alcoholic and low- alcohol 29 944 beer, excluding alcohol duty Fresh bread 26 949

20 000

6 000

29.32.20.90

Parts and accessories of bodies (including cabs), 24 744 n.e.c. 10.51.40.50 Grated, powdered, blue-veined and other non24 000 3 000 processed cheese 30.30.50.90 Parts for all types of aircraft excluding 21 607 propellers, rotors, under carriages, for civil use 17.21.13.00 Cartons, boxes and cases, of corrugated paper or 21 213 paperboard 23.63.10.00 Ready-mixed concrete 20 742 1 ( ) Indicates the magnitude of the rounding employed to protect confidential cell (in the case of PRODCOM code 29.10.23.30, the confidential value lies within the range +/- EUR 20 000 million of the reported value). Source: Eurostat, from http://epp.eurostat.ec.europa.eu/portal/page/portal/statistics/ search_database go to Data Navigation Tree/Database by themes/Industry, trade and services/Statistics on the production of manufactured goods (prom)/NACE Rev. 2 (prodcom_n2)/Prodcom Annual Sold (NACE Rev. 2) (DS056120)

7.3 Industry and construction - short-term developments The EU-27's indices of industrial production and industrial output prices (based on the NACE Rev. 2 classification) show clearly the impact of the economic and financial crisis. The downturn was so severe that, despite the output growth that most activities had experienced leading up to the crisis, average annual growth between 2004 and 2009 was negative for most activities. Although slightly less in magnitude, the length of the downturn in activity for construction within the EU was greater than in industry. The EU-27 index of production for construction peaked in December 2006 and fell gradually for seven months. This initial downturn was followed by a slight, temporary recovery until January 2008, after which the index fell substantially, reaching a low in January 2010, just over three years after the initial downturn. Over this period the index of production for construction fell by a total of 15.6 % in the EU-27, deteriorating to a level not seen since May 1999.

7.4 Services - short-term developments The EU-27 services turnover index grew at an average rate of 2.7 % between 2004 and 2009 (see Figure 7.6). It should be noted, however, that this five-year range covers a period of relatively steady growth in turnover which came to an abrupt end in mid- 2008, followed by a period of slower growth and in some cases falling turnover. In fact the services turnover index fell by 8.5 % in the EU-27 in 2009 compared with the year before. Among service activities (at the NACE Rev. 2 division level), the fastest rate of turnover growth in the five-year period between 2004 and 2009 was for employment activities, where sales grew at an average rate of 7.1 % per annum, followed by air transport (6.8 % per annum). In contrast, there was a negative rate of change for motor trades (-0.7 % per annum) and almost no growth for cinema, video and TV production activities (0.1 % per annum). In 2009 (compared with the year before) the EU-27 turnover index fell for all six NACE Rev. 2 service sections covered by STS, ranging from a 3.2 % reduction for information and communication to losses of nearly 10 % for distributive trades and for transport and storage.

Figure 7.6: Average annual growth rate of turnover, selected services, EU-27, 2004-2009 (1) (%)

Source: Eurostat (sts_setu_a and sts_trtu_a)

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7.5 Tourism Germans spent nearly 640 million nights in collective accommodation establishments outside of Germany in 2009, while residents of the United Kingdom spent 587 million nights abroad; these two Member States accounted for more than half of the total number of nights spent abroad by EU-27 residents. The number of nights spent (by residents and non-residents) can be put into perspective by making a comparison with the size of the country in population terms, providing an indicator of tourism intensity. In 2009, using this measure, the Mediterranean island destinations of Cyprus and Malta, as well as the alpine and city trip destination of Austria were the most popular tourist destinations in the EU.

The economic importance of tourism can be measured by looking at the ratio of international tourism receipts relative to GDP. In 2009, this was highest in Malta (10.2 %) and Cyprus (9.2 %), confirming the importance of tourism to these island nations.

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Table 7.3: Tourism indicators, 2009

Nights spent in hotels and similar establishments (1 000) (1) EU-27 EA-16 BE BG CZ DK DE EE IE EL ES FR IT CY LV LT LU HU MT NL AT PL PT RO SI SK FI SE UK 1 512 035 1 203 019 15 937 14 054 25 341 9 966 216 228 3 499 23 699 64 292 250 985 191 741 244 385 12 808 2 187 2 078 1 282 14 975 6 740 31 481 80 071 24 514 36 457 16 514 5 450 6 335 15 127 25 958 169 930 Tourism intensity (nights Tourism receipts relative spent per inhabitant) (2) to GDP (%) (3) 4.5 5.3 2.7 2.0 3.5 4.8 3.8 3.1 6.8 5.9 7.6 4.6 6.1 16.3 1.1 0.8 4.6 1.9 16.7 5.1 12.3 1.4 4.2 0.8 4.0 1.9 3.5 5.1 4.4 0.6 0.9 2.1 7.6 3.4 2.0 1.0 5.6 2.2 4.5 3. 6 1.8 1.9 9.2 2.8 2.9 7.7 4.4 10.2 1.6 5.1 2.1 4.1 0. 8 5.1 2.6 1.2 3.0 1.4

3. Criza datoriilor suverane ncepnd cu sfritul lui 2009, temerile investitorilor cu privire la criza datoriilor suverane i creterea datoriei publice guvernamentale la nivel mondial, mpreun cu un val de deteriorare a ratingului datoriilor suverane a ctorva state europene. Preocuprile sau intensificat la nceputul lui 2010 i ulterior[56][57], a devenit din ce n ce mai dificil sau chiar imposibil ca datoria unor state ca Grecia, Irlanda i Portugalia sa fie refinanate. La 9 mai 2010, minitrii de finane din Uniunea European au aprobat un pachet de salvare n valoare de 750 miliarde de euro care urmrea asigurarea stabilitii financiare n Europa prin crearea Fondului European de Stabilitate Financiar (FESF). [58] n octombrie 20112, liderii zonei euro au convenit asupra unui alt pachet de msuri menite s previn prbuirea economiilor statelor membre. Aceasta a inclus un acord 2 http://ec.europa.eu/economy_finance/eu_borrower/efsm/index_en.htm 12

cu sistemul bancar care a acceptat o reducere cu 50% a datoriei greceti datorat creditorilor privai, creterea FESF la aproximativ 1000 de miliarde de euro i solicitarea ca bncile europene s i creasc capitalul cu 9%. Pentru a restaura ncrederea n economia european, liderii UE au iniiat demersurile pentru crearea unei uniuni fiscale comune n zona euro, cu reguli stricte i executorii ncorporate n tratatele Uniunii.[59][60] n timp ce creterile datoriei suverane au fost mai pronunate doar n cteva tri din zona euro, acestea au fost percepute ca un ntreg la nivelul Uniunii. Cu toate acestea, moneda european a rmas stabil cu tendin de scdere.[61][62] La jumtatea lunii noiembrie 2011, tranzaciile intrnaionale cu cei mai importani parteneri comerciali ai blocului euro a fost chiar mai mare dect la nceputul crizei economice.[63][64] Cele trei ri cele mai afectate, Grecia, Irlanda i Portugalia, colectiv reprezint doar 6% din produsul intern brut (PIB) al zonei euro.[65] La finele anului 2011 i nceputul anului 2012, Banca Central European a luat o serie de msuri pentru a ajuta la reducerea volatilitii financiare pe piee i pentru a mbuntii lichiditile bncilor. La 30 noiembrie 2011, Banca Central European, Rezerva Federal a Statelor Unite, Bncile Centrale ale Canadei, Japoniei, Marii Britanii i Elveiei au acordat pieelor financiare internaionale lichiditi pentru a putea acoperi economia real. Bncile centrale au fost de acord s scad costul dolarului (valut de swap) cu 50 de puncte de baz i care a intrat n vigoare la 5 decembrie 2011. Ele si-au acordat de asemenea, una alteia lichiditi din abunden pentru a asigura lichiditate bncilor comerciale n alte monede. [66] In 21 decembrie 2011, BCE a nceput cea mai mare infuzie de credit n sistemul bancar european din istoria monedei euro de 13 ani. BCE a imprumutat 523 de bnci suma de 489 miliarde euro pe o perioad excepional de lung de 3 ani la o rat a dobndei de doar un procent.[67] Astfel BCE sa asigurat c bncile au destule lichiriti pentru a plti debite n valoare de 200 de miliarde de euro ajunse la maturitate n primele 3 luni din 2012, precum i a asigura mprumuturi pentru firme astfel nct limitarea creditrii s nu afecteze creterea economic. Se sper de asemenea ca bncile s cumpere titluri de stat guvernamentale, astfel nct s uureze criza datoriilor suverane.[68]
Overview of EU issuance: 2009 - 2012 (for more detailed information, please click on an entry of the table)

Bond issue

Issue date

Maturity

Amount issued (EUR) 1.000.000.000 2.000.000.000 2.700.000.000 5.000.000.000 1.500.000.000 4.750.000.000 1.150.000.000

Issued at MS

EU 3,125 2014 EU 3,250 2014 EU 3,125 2015 EU 2,500 2015 EU 3,625 2016 EU 2,750 2016 EU 2,375 2017

25/02/2009 26/03/2009 27/07/2009 12/01/2011 06/07/2009 01/06/2011 22/09/2010

03/04/2014 07/11/2014 27/01/2015 04/12/2015 06/04/2016 03/06/2016 22/09/2017

+30 +35 +25 +12 +40 flat +8

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EU 3,250 2018 EU 2,375 2018 EU 3,375 2019 EU 3,500 2021 EU 2,750 2021 EU 3,000 2026 EU 3,750 2042 (as of 16 January 2012)

24/03/2011 06/10/2011 10/03/2010 31/05/2011 21/09/2011 29/09/2011 16/01/2012

04/04/2018 04/10/2018 10/05/2019 04/06/2021 21/09/2021 04/09/2026 04/04/2042

4.600.000.000 1.100.000.000 1.500.000.000 4.750.000.000 5.000.000.000 4.000.000.000 3.000.000.000

+8 +15 +20 +14 +20 +40 +125

A credit default swap (CDS) is an agreement that the seller of the CDS will compensate the buyer in the event of a loan default. The buyer of the CDS makes a series of payments (the CDS "fee" or "spread") to the seller and, in exchange, receives a payoff if the loan defaults.
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European Financial Stabilisation Mechanism (EFSM)

Share
This mechanism provides financial assistance to EU Member States in financial difficulties. The EFSM essentially reproduces for the EU 27 the basic mechanics of the existing Balance of Payments Regulation for non-euro area Member States. Under EFSM, the Commission is allowed to borrow up to a total of 60 billion in financial markets on behalf of the Union under an implicit EU budget guarantee. The Commission then on-lends the proceeds to the beneficiary Member State. This particular lending arrangement implies that there is no debt-servicing cost for the Union. All interest and loan principal is repaid by the beneficiary Member State via the Commission. The EU budget guarantees the repayment of the bonds through a p.m. line in case of default by the borrower. The EFSM has currently been activated for Ireland and Portugal, for a total amount up to 48.5 billion (up to 22.5 billion for Ireland and up to 26 billion for Portugal), to be disbursed over 3 years. The EFSM is a part of the wider safety net. Alongside the EFSM, the European Financial Stability Facility (EFSF), i.e. funds guaranteed by the euro area Member States, and funding from the International Monetary Fund are available for euro area Member States. Non-euro area Member States are also eligible for assistance under the Balance of Payments Regulation. The EFSM and the EFSF can only be activated after a request for financial assistance has been made by the concerned Member State and a macroeconomic adjustment programme, incorporating strict conditionality, has been agreed with the Commission, in liaison with the European Central Bank (ECB).

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