Focus: GS-III Disaster Management
Why in news?
The European Union predicted 6th May “a recession of historic proportions this year” due to the impact of the coronavirus.
- The 27-nation EU economy is predicted to contract by 7.5 per cent this year, before growing by about 6 per cent in 2021.
- With the spread slowing in most European countries, people are cautiously venturing out from confinement and gradually returning to work.
- However, strict health measures remain in place amid concern of a second wave of outbreaks and any return to something like normal life is at least months away.
- Much will depend, he said, on the speed at which lockdowns can be lifted, the importance of services like tourism in each economy and by each country’s financial resources.
Note: United Kingdom is not a part of the EU now.
- The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe.
- The EU has developed an internal single market through a standardised system of laws that apply in all member states in those (Only those) matters where members have agreed to act as one.
- A monetary union was established in 1999, coming into full force in 2002, and is composed of 19 EU member states which use the euro currency.
- In January 2020, the United Kingdom became the first member state ever to leave the EU.
-Source: The Hindu