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Economy in Europe and Slovenia

by lucija slamersek, 2014


The European Union is funded from the total annual budget based on the financial perspective, it is agreement on key priorities and frameworks budgetary expenditure of the European Union for a period of years and represents a basic framework for EU policy in a given financial period.

In contrast to national budgets, the EU budget should not be in any given year or show a deficit, therefore, it must be balanced against the budget revenue budget expenditure. The ceilings of individual categories are set out in the medium-term framework of EU funding. Funds for financing of common policies, research and development programs through various policies and programs are channeled back to the Member States. A significant portion of the funds from the EU budget is reserved by the state and can draw only on projects approved by the European Commission. For example, Slovenia is not receiving EU's financial help automatic, but the amount of funding received depends on the quality of already prepared programs.


EU leaders have a common name for the European currency - € chosen by the European Council in Madrid in December 1995. In addition, the decision to name the single currency the euro, the leaders then agreed that the record of the euro in force in all member states and that the derogation, including the declensions and the plural is not permitted, except where a country uses a different alphabet, as in the case of Greece. Such a decision was subsequently confirmed in the Regulation of the Council of the EU in 1997 and 1998. EU governs a matter of cents or a dime, where the national versions were allowed.

The problem has occurred with the entry of new members when Slovenija in addition of Latvia, Lithuania and Hungary sought, that the national name euro would be possible, but all other members insisted on only one name.

Therefore, the October 2004 meeting of the Committee of Permanent Representatives of the EU Council in Brussels on the initiative of some new members accepted a compromise on the record the names of the common European currency. Slovenia is writing the names of the euro with a 'u' adopted because it is the proper name of the currency and because it is already used throughout the European Union legislation, but we insist on the right to bending under the national rules that are appended to the root, it is the first three letters. The common currency, the euro,  is allowed to be bent like in the rules of the national language.

Thats how the Slovenian version of the European legislation and other legal and formal texts of the EU name of the single currency euro states . In everyday life, official and ordinary public use and operations, while the euro in Slovenia is still written with " v", which of course does not preclude the use of record euro.

In 1999, the euro was introduced in Austria, Belgium, Finland, France, Ireland, Italy, Luxembourg, Germany, the Netherlands, Portugal and Spain. In 2001, these countries also joined Greece, which in the first round didn't  fulfill the Maastricht convergence criteria, from 1 January 2007, Slovenia did. With this, the number of members of the euro area increased to 13 countries. The euro area currently covers 307 million people out of 493 million people in the EU. 27 countries, due to the size and stability of the EU, the euro is an attractive international currency. Many governments use it as a currency for borrowing reserves, and taking advantage of its liquidity, convertibility and stability.

There are more and more needs and we don't have limitless funds for; in order to meet these needs, we are limited, which means that the fundamental economic problem of unbalanced relationship between needs and resources for the production of these goods to meet the demand. Based on this, unfortunately, are still some unmet needs. Everyone wants their own needs as closely as possible to  be met, so there are industrial revolutions, which have accelerated the development of the economy. For example, the first industrial revolution led to the invention of the steam engine, for which the craft began to develop manufactories of them later industry. With all of this the production has been increased and that way there can be more satisfied States.

Currently the EU is in economic crisis, not only it's  small but also the larger Member States. Even if they help eachother with financial contributions, we think that each country should regulate her own economy. The economy of Slovenia, as we said is at the very poor level, therefore, there are urgently needed improvements which the two of us, unfortunately can not do. Therefore, the government should take care of Slovenia, which is in urgent need of elections and new members.

The only thing that really works good in Slovenia and produces profit, is tourism. It is developed in all parts of Slovenia. Every part of Slovenia has something special to show, thats really the reason we have 3 384 491 tourists per year, most of them from Italy, Austria, Germany, Russia and the Netherlands. 62% of the tourists that visit Slovenia stay overnigt too. If the Slovenian tourism vould develop and progress more, than maybe Slovenia vould avoid a big economic crisis.

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