"According to the IMF forecast, whomever is elected U.S. president next year — Obama? Mitt Romney? Donald Trump? — will be the last to preside over the world’s largest economy."
Technically this has already happened, as the EU has a larger combined GDP than the US.
It's also not too surprising. For it's land area, the US is very sparsely populated, and 350m people are not going to have the same economic purchasing power as 1000m people, assuming the latter group can catch up in terms of infrastructure and technology with the former group.
The EU is a single market, and economic policies are governed to some degree by Brussels. I guess it's open to interpretation, but most sources I've seen describe the EU as a single economy, including the CIA world factbook.
They are only economical sovereign within strict limits. Greece might be able to tell you a bit about recently having to implement unpopular economic policies demanded by EU.
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"According to the IMF forecast, whomever is elected U.S. president next year — Obama? Mitt Romney? Donald Trump? — will be the last to preside over the world’s largest economy."
Technically this has already happened, as the EU has a larger combined GDP than the US.
It's also not too surprising. For it's land area, the US is very sparsely populated, and 350m people are not going to have the same economic purchasing power as 1000m people, assuming the latter group can catch up in terms of infrastructure and technology with the former group.
Is that a fair comparison? The EU is still made of up sovereign countries with their own economic policies.
The EU is a single market, and economic policies are governed to some degree by Brussels. I guess it's open to interpretation, but most sources I've seen describe the EU as a single economy, including the CIA world factbook.
They are only economical sovereign within strict limits. Greece might be able to tell you a bit about recently having to implement unpopular economic policies demanded by EU.
And for all of the troubles in California and other states, I'm not sure if any of them required the sort of bailouts that the PIIGS needed.