1. Economic Influence:
(a) Three times larger share in World trade than the US.
(b) Its currency Euro can pose a threat to the dominance of the US Dollar.
(c) The EU functions as an important bloc in World Trade Organisation (WTO).
2. Political Influence:
(а) Two members of the EU, Britain, and France hold permanent seats in the Security Council to influence UN policies.
(b) The EU also includes various non-permanent members of UNSC.
(c) The European Union plays an influential role in diplomacy and negotiations except for military force i.e. EU’s dialogue with China on Human Rights and environmental degradation is remarkable.
3. Military Influence:
(a) The EU’s combined armed forces are second largest in the world.
(b) Its total military expenditure is second to the US.
(c) Its two important members Britain and France also experience nuclear arsenals of 550 nuclear warheads.
(d) The EU is the world’s second most important source of space and communication technology.
