Faltering markets, the weakening euro and spreading debt have led European leaders to take dramatic steps to contain the crisis. A look at the economies of the 27 EU member states, 16 of which have adopted the euro.
Look at this interactive map showing each nations economic situation
A large percentage of social spending in the European Union goes toward supporting labor market policies such as unemployment benefits and pension systems, says economist Willem Adema, with the Organization for Economic Cooperation and Development, a 31-nation group that promotes international cooperation and economic growth.
People march during a protest in Marseille, southern France, last month. Workers nationwide were striking to protest President Nicolas Sarkozy’s plans to raise the retirement age to 62 from 60. Sweeping reforms to France’s money-losing pension system is part of efforts around Europe to cut back on growing public debts.
“With the dynamics of an aging population and the increase in life expectancy, and with the financial pressures, raising retirement ages is going on across many different European countries,” he says.
The European Union, people say, was built on three pillars: peace, growth and a shared social vision. If one of those pillars collapses, how long will the other two remain standing?
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