Posts Tagged ‘europe’

The European Union is…

Friday, June 3rd, 2011

The European Union is a political and economic organization made up of 27 countries in Europe. It’s not a country by itself, but in some ways it acts as a high-level governing organization for its member nations. Being part of the Union means that citizens, goods, and services are allowed to move freely between affiliated nations, without having to deal with things like visas or trade restrictions. Members of the EU also use the same currency, called the Euro.

Basically, being part of the European Union is like being in a club whose members are from all over Europe and who have decided that many of the same rules will govern every member – despite their differences in nationality. But not every European nation is a member of the EU (Switzerland, for example), and some member nations have not yet adopted the official currency (the United Kingdom still uses the Great British Pound).

Alternative Energy Sources For Europe Are Found In Africa

Thursday, August 12th, 2010

For solar energy that could power the European continent why not look to the desserts of Africa?

  • The German physicist Dr. Gerhard Knies has developed a plan that could supply 15% of Europe’s energy by 2050.
  • He proposes building dozens of solar plants across the North African dessert and putting thousands of miles of power cables under the Mediterranean Sea to carry the electricity to Europe.
  • The idea is backed by some of Europe’s biggest corporate names, including Munich RE, Siemens AG and Deutsche Bank.

Facts & Figures

  • The plan would cost $529 billion.
  • For now, each company in the Desertec Industrial Initiative contributes €150,00 annually.

Best Quote

“I see a solution, so the problem is solved. Of course, to implement it is something else.” – Gerhard Knies, Physicist, Desertec Industrial Initiative

Why Greece’s Debt Is Our Problem

Wednesday, June 23rd, 2010
Will Europe’s shaky financial situation cross the pond to the U.S.?
  • Moody’s – a major credit rating agency – handed Greece an awful credit score on Monday, and Wall Street reacted with a distinct slump.
  • The low credit score means low confidence in Greece’s ability to dig out of its debt crisis. Even the bailout plan set out by Greece’s neighbors wasn’t enough to convince the analysts at Moody’s that things would turn around anytime soon.
  • The fact that the U.S. market reacted so directly to this news illustrates the strong link between the European and U.S. economies. Still, analysts predict that the U.S. economy will continue to grow despite this temporary setback.

Facts & Figures

  • The DJIA was down 20.18 points (-0.2%) by the end of Monday
  • At the same time, the value of Bank of America stock fell 1.22% and JPMorgan stock dropped 2%

Best Quote

“It was not a huge surprise that Moody’s is following suit. But it is another reminder of the negative news stream coming out of Europe.” – Win Thin, Currency Strategist, Brown Brothers Harriman