The European Union as a whole is the largest economy in the world. Covering 7.3% of the world population, the European Union in 2016 generated a nominal gross domestic product (GDP) of 16.477 trillion US dollars, constituting approximately 22.2% of global nominal GDP.
The European Union is one community – made up of 28 different states and dozens of regions with different cultures and traditions. This diversity sometimes makes Europe complicated, but it also makes it colorful, interesting and full of ideas. European integration must, therefore, be about cross-fertilization, but not homogenization. Regulators are heavily focused on the EU’s Digital Single Market initiative that aims to create an open market where all EU residents have equal access to digital goods and services from across the EU’s member states. This would allow EU residents to find better shopping deals offered in other EU countries and use their preferred digital devices and services in different states at no extra cost. Tackling geo-blocking is a key part of this initiative that could encourage more cross-border online shopping.
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