EU Economic Summit: The next big event in Europe’s political calendar will begin on Friday, March 7 in Paris.
The EU Economic and Monetary Union (EurM) is set to kick off its summit in the French capital at 12:00pm ET (2:00am PT) with a panel of experts and experts on the economy, finance, and social issues.
Here are the key issues on the agenda.
Europe’s economy is in crisis.
It has lost almost a third of its economic output since the start of the crisis in 2008, according to the International Monetary Fund (IMF).
In 2014, EU GDP contracted by 2.6 percent compared to the previous year, with the most recent figures showing a 2.7 percent contraction in 2014, the European Central Bank (ECB) said in a March 1 report.
Unemployment is soaring in Europe, with nearly 16 million people unemployed.
According to the latest data from the OECD, the EU’s largest grouping of 27 economies, the jobless rate in the EU is now at a record high of 10.3 percent, a level the EBRB sees as “extremely worrying.”
Economic stagnation is the biggest problem facing the EU.
The European Commission estimates that the job creation in the eurozone over the last five years has been “almost nothing” compared to what it could have been had the European Union stayed in the single currency and kept its debt at a manageable level, according a March 10 report from the European Commission’s chief economist.
But, the economic situation is “further deteriorating,” according to a report published in April by the European Parliament.
It notes that the economic contraction is the result of a “significant deterioration in the functioning of the European economic system.”
It says that the “current trend in the economy is one of stagnation, with an unemployment rate higher than the OECD average, and a growing deficit.”
According to this report, there is no plan to “solve the crisis” because there is “no clear roadmap for the European economy to regain competitiveness and grow.”
As for the political future of the EU, the commission says that it is “not prepared to consider any future EU presidency until the end of the year.”
As of last month, there were 5.6 million people living in poverty in the European countries.
The number of EU citizens living in extreme poverty is currently at 3.3 million, according the OECD.
The political system is unstable.
Despite having a stable, democratically elected government, the euro zone is facing a political crisis, with politicians in Greece, Spain, and Portugal refusing to take a “yes” or “no” on the debt relief deal reached with the European Stability Mechanism (ESM).
“There is a growing sense of frustration among voters,” says the European Council President.
“It’s not just Greece, it’s the whole eurozone.
There’s a sense that we’re in the dark about what the future holds,” said European Commission President Jean-Claude Juncker.
“The problem is that people don’t know what the EU stands for.”
A new EU summit is scheduled for next week.
In the meantime, the Euro Summit is also expected to hold a summit in Lisbon in May.