3. Definitions Crisis – Any event that is, or expected to lead to, an unstable and dangerous situation affecting an individual, group, community and whole society; negative changes in the security, economic, political, societal or environmental affairs. Financial Crisis – The term is applied broadly to the situations in which some financial institutions or assets suddenly lose a large part of their value Recession – A period of general economic decline; typically defined as a decline in GDP for two or more consecutive quarters. Depression – Persisting Recession
9. Who Governs EU? Represents the EU`s citizens and is directly elected by them Represents the governments of the individual member countries; Presidency shared by member states on a rotating basis R epresents interests of the Union as a whole
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11. A Comparison Population GDP % of World GDP Eurozone 317 million € 08.4 trillion 14.6% EU (27) 494 million € 11.9 trillion 21.0% USA 300 million € 11.2 trillion 19.7% Japan 128 million € 03.5 trillion 06.3%