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Weimar triangle (France, Germany and Poland); Germany continues to be active economically in the states of Central Europe, and to actively support the development of democratic institutions. In the 2000s, Germany has been arguably the centerpiece of the European Union (though the importance of France cannot be overlooked in this connection).
The European balance of power is a tenet in international relations that no single power should be allowed to achieve hegemony over a substantial part of Europe. During much of the Modern Age, the balance was achieved by having a small number of ever-changing alliances contending for power, [1] which culminated in the World Wars of the early 20th century.
The unification of rich West Germany with poor East Germany in the 1990s was an expensive proposition. The German economic miracle petered out in the 1990s, so that by the end of the century and the early 2000s it was ridiculed as "the sick man of Europe." [citation needed] It suffered a short recession in 2003. The economic growth rate was a ...
The era of supply chain and market growth concentration has come to an end, and with it, the singular focus on cost efficiency at the expense of risk management.
There has been substantial criticism over the austerity measures implemented by most European nations to counter this debt crisis. US economist and Nobel laureate Paul Krugman argues that an abrupt return to "'non-Keynesian' financial policies" is not a viable solution [18] Pointing at historical evidence, he predicts that deflationary policies now being imposed on countries such as Greece and ...
Globalization was also driven by the global expansion of multinational corporations based in the United States and Europe, and worldwide exchange of new developments in science, technology and products, with most significant inventions of this time having their origins in the Western world according to Encyclopædia Britannica. [18]
Global Regional Powers. Global regionalization is a process parallel to globalization, in which large regions are divided into smaller regions, areas, or districts. [1]A feature of the global community is the globalization of many processes and the development of international relations and interdependence of modern states in the second half of the 20th century.
The country has a similar economic system, has a customs union with the European Union in addition to being an official candidate for membership, and is a member of traditional European & Western organisations such as the OECD, the Council of Europe, and NATO.