168-576: European integration is the process of industrial, economic, political, legal, social, and cultural integration of states wholly or partially in Europe , or nearby. European integration has primarily but not exclusively come about through the European Union and its policies. The history of European integration is marked by the Roman Empire 's consolidation of European and Mediterranean territories, which set
336-527: A United States of Europe . The same speech however contains remarks, less-often quoted, which make it clear that Churchill did not initially see Britain as being part of this United States of Europe: We British have our own Commonwealth of Nations ... And why should there not be a European group which could give a sense of enlarged patriotism and common citizenship to the distracted peoples of this turbulent and mighty continent and why should it not take its rightful place with other great groupings in shaping
504-594: A 1929 speech by saying that "the United States of Europe will represent, even without Russia, a power strong enough to advance, up to a satisfactory point, the prosperity of the other continents as well". Between the two world wars , the Polish statesman Józef Piłsudski (1867–1935) envisaged the idea of a European federation that he called Międzymorze ("Intersea" or "Between-seas"), known in English as Intermarium , which
672-655: A Europe united along communist principles. Among liberal-democratic parties, the French centre-left undertook several initiatives to group like-minded parties from the European states. In 1927, the French mathematician and politician Émile Borel , a leader of the centre-left Radical Party and the founder of the Radical International, set up a French Committee for European Cooperation, and a further twenty countries set up equivalent committees. However, it remained an élite venture:
840-842: A German naturalist, Peter Simon Pallas , as a valley that once connected the Black Sea and the Caspian Sea, and subsequently was proposed as a natural boundary between continents. By the mid-19th century, there were three main conventions, one following the Don, the Volga–Don Canal and the Volga, the other following the Kuma–Manych Depression to the Caspian and then the Ural River, and the third abandoning
1008-631: A Semitic term for west , this being either Akkadian erebu meaning 'to go down, set' (said of the sun) or Phoenician 'ereb 'evening, west', which is at the origin of Arabic maghreb and Hebrew ma'arav . Martin Litchfield West stated that "phonologically, the match between Europa's name and any form of the Semitic word is very poor", while Beekes considers a connection to Semitic languages improbable. Most major world languages use words derived from Eurṓpē or Europa to refer to
1176-791: A boundary along the Terek and Kuban rivers, so southwards from the Kuma and the Manych, but still with the Caucasus entirely in Asia. However, most geographers in the Soviet Union favoured the boundary along the Caucasus crest, and this became the common convention in the later 20th century, although the Kuma–Manych boundary remained in use in some 20th-century maps. Some view the separation of Eurasia into Asia and Europe as
1344-567: A common currency, the euro , and participate in the European single market and a customs union . A large bloc of countries, the Schengen Area , have also abolished internal border and immigration controls. Regular popular elections take place every five years within the EU; they are considered to be the second-largest democratic elections in the world after India's . The EU is the third-largest economy in
1512-506: A daily rate of 133 in 1931). The 1929 crash brought the Roaring Twenties to a halt. As tentatively expressed by economic historian Charles P. Kindleberger , in 1929, there was no lender of last resort effectively present, which, if it had existed and been properly exercised, would have been key in shortening the business slowdown that normally follows financial crises. The crash instigated widespread and long-lasting consequences for
1680-522: A federal Europe in his Ventotene Manifesto , and Paul Valéry envisioning European civilization for unity. State sovereignty was an issue for federalists who hoped political organizations at higher regional level would solve the issue. A representative scholar of functionalism was David Mitrany , who also saw states and their sovereignty as a core problem and believed that one should restrain states to prevent future wars. However, Mitrany disagreed with regional integration as he viewed it as mere replication of
1848-406: A large land mass completely or almost completely surrounded by water at its borders. Prior to the adoption of the current convention that includes mountain divides, the border between Europe and Asia had been redefined several times since its first conception in classical antiquity , but always as a series of rivers, seas and straits that were believed to extend an unknown distance east and north from
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#17328517414762016-620: A mass of 250 million bushels of wheat to be "carried over" when 1929 opened. By May there was also a winter wheat crop of 560 million bushels ready for harvest in the Mississippi Valley. The oversupply caused such a drop in wheat prices that the net incomes of farmers from wheat were threatened with extinction. Stock markets are always sensitive to the future state of commodity markets, and the slump in Wall Street that had been predicted for May by Sir George Paish arrived on time. In June 1929,
2184-482: A practice of suspending trading when prices fell rapidly to limit panic selling . Scholars differ over crash's effect on the Great Depression, with some claiming that the price fluctuations were insufficient on their own to trigger a major collapse of the financial system, with others arguing that the crash, combined with the other economic problems in the U.S. at the end of the 1920s, should be jointly interpreted as
2352-731: A precedent for the notion of a unified Europe. This idea was echoed through attempts at unity, such as the Holy Roman Empire , the Hanseatic League , and the Napoleonic Empire . The devastation of World War I reignited the concept of a unified Europe, leading to the establishment of international organizations aimed at political coordination across Europe. The interwar period saw politicians such as Richard von Coudenhove-Kalergi and Aristide Briand advocating for European unity, albeit with differing visions. Post-World War II Europe saw
2520-730: A precise eastern boundary of Europe arises in the Early Modern period, as the eastern extension of Muscovy began to include North Asia . Throughout the Middle Ages and into the 18th century, the traditional division of the landmass of Eurasia into two continents, Europe and Asia, followed Ptolemy, with the boundary following the Turkish Straits , the Black Sea , the Kerch Strait , the Sea of Azov and
2688-406: A range of prestigious figures. Many eminent economists, aware that the economic race-to-the-bottom between states was creating ever-greater instability, supported the view: these included John Maynard Keynes . The French political scientist and economist Bertrand Jouvenel remembered a widespread mood after 1924 calling for a "harmonisation of national interests along the lines of European union, for
2856-701: A residue of Eurocentrism : "In physical, cultural and historical diversity, China and India are comparable to the entire European landmass, not to a single European country. [...]." During the 2.5 million years of the Pleistocene , numerous cold phases called glacials ( Quaternary ice age ), or significant advances of continental ice sheets, in Europe and North America, occurred at intervals of approximately 40,000 to 100,000 years. The long glacial periods were separated by more temperate and shorter interglacials which lasted about 10,000–15,000 years. The last cold episode of
3024-661: A result, the Reconquista took the greater part of eight hundred years, in which period a long list of Alfonsos, Sanchos, Ordoños, Ramiros, Fernandos, and Bermudos would be fighting their Christian rivals as much as the Muslim invaders. During the Dark Ages, the Western Roman Empire fell under the control of various tribes. The Germanic and Slav tribes established their domains over Western and Eastern Europe, respectively. Eventually
3192-587: A role in advocating further European integration, exemplified by the Union of European Federalists and the European Movement International . Various agreements and memberships demonstrate the web of relations and commitments between European countries, showing the multi-layered nature of integration. In antiquity, the Roman Empire brought about integration of multiple European and Mediterranean territories. The numerous subsequent claims of succession of
3360-508: A serious setback to industry when industrial production is for the most part in a healthy and balanced condition?" They argued that there must be some setback, but there was not yet sufficient evidence to prove that it would be long or would necessarily produce a general industrial depression. However, The Economist also cautioned that some bank failures were also to be expected and some banks may not have had any reserves left for financing commercial and industrial enterprises. It concluded that
3528-511: A significant push towards integration, with Winston Churchill 's call for a "United States of Europe" in 1946 being a notable example. This period saw the formation of theories around European integration, categorizing into proto-integration, explaining integration, analyzing governance, and constructing the EU, reflecting a shift from viewing European integration as a unique process, to incorporating broader international relations and comparative politics theories. Citizens' organizations have played
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#17328517414763696-445: A stage in the business cycles which affect all capitalist economies. The " Roaring Twenties ", the decade following World War I that led to the crash, was a time of wealth and excess. Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector. Scholars believe that declines in
3864-536: A strategy used during the Panic of 1907 . This encouraged a brief recovery before Black Tuesday. Further action failed to halt the fall, which continued until July 8, 1932; by then, the stock market had lost some 90% of its pre-crash value. The United States Congress responded to the events by passing the Banking Act of 1933 (Glass–Steagall Act), which separated commercial and investment banking . Stock exchanges introduced
4032-581: A treaty signed in The Hague on 3 February 1958. A Benelux Parliament was created in 1955. The Belgium-Luxembourg Economic Union (BLEU) can be seen as a forerunner of the Benelux. BLEU was created by the treaty signed on 25 July 1921. It established a single market between both countries, while setting the Belgian franc and Luxembourgian franc at a fixed parity. Several regional organisations have been founded in
4200-705: Is a continent located entirely in the Northern Hemisphere and mostly in the Eastern Hemisphere . It is bordered by the Arctic Ocean to the north, the Atlantic Ocean to the west, the Mediterranean Sea to the south, and Asia to the east. Europe shares the landmass of Eurasia with Asia, and of Afro-Eurasia with both Asia and Africa . Europe is commonly considered to be separated from Asia by
4368-542: Is a lobbying association that coordinates the efforts of associations and national councils with the goal of promoting European integration, and disseminating information about it. The European Federalist Party is a pro-European , pan-European and federalist political party which advocates further integration of the EU and the establishment of a Federal Europe. Its aim is to gather all Europeans to promote European federalism and to participate in all elections all over Europe. It has national sections in 15 countries. Volt Europa
4536-428: Is a pan-European and European federalist political movement that also serves as the pan-European structure for subsidiary parties in EU member states. It is present in 29 countries and participates in elections all over the EU on the local, national and European level. There are various agreements with overlapping membership. Several countries take part in a larger number of agreements than others. All member states of
4704-401: Is also evidence that Homo sapiens arrived in Europe around 54,000 years ago, some 10,000 years earlier than previously thought. The earliest sites in Europe dated 48,000 years ago are Riparo Mochi (Italy), Geissenklösterle (Germany) and Isturitz (France). The European Neolithic period—marked by the cultivation of crops and the raising of livestock, increased numbers of settlements and
4872-481: Is closest to Anatolia (or Asia Minor), but is considered part of Europe politically and it is a member state of the EU. Malta was considered an island of North-western Africa for centuries, but now it is considered to be part of Europe as well. "Europe", as used specifically in British English , may also refer to Continental Europe exclusively. The term "continent" usually implies the physical geography of
5040-470: Is considered the most devastating in the country's history. It is most associated with October 24, 1929, known as "Black Thursday", when about 12.9 million shares were traded on the NYSE in a single day (as compared to an average of 4 million), and October 29, 1929, "Black Tuesday", when some 16.4 million shares were traded. The " Roaring Twenties " of the previous decade had been a time of industrial expansion in
5208-556: Is generally considered a transcontinental country divided entirely by water, while Russia and Kazakhstan are only partly divided by waterways. France, the Netherlands, Portugal and Spain are also transcontinental (or more properly, intercontinental, when oceans or large seas are involved) in that their main land areas are in Europe while pockets of their territories are located on other continents separated from Europe by large bodies of water. Spain, for example, has territories south of
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5376-533: Is sometimes considered to mark the end of antiquity; alternatively antiquity is considered to end with the fall of the Western Roman Empire in 476 CE; the closure of the pagan Platonic Academy of Athens in 529 CE; or the rise of Islam in the early 7th century CE. During most of its existence, the Byzantine Empire was one of the most powerful economic, cultural, and military forces in Europe. During
5544-422: Is somewhat arbitrary and inconsistent compared to any clear-cut definition of the term "continent". The current division of Eurasia into two continents now reflects East-West cultural, linguistic and ethnic differences which vary on a spectrum rather than with a sharp dividing line. The geographic border between Europe and Asia does not follow any state boundaries and now only follows a few bodies of water. Turkey
5712-471: Is the largest and most populous , spanning 39% of the continent and comprising 15% of its population. Europe had a total population of about 745 million (about 10% of the world population ) in 2021; the third-largest after Asia and Africa. The European climate is affected by warm Atlantic currents, such as the Gulf Stream , which produce a temperate climate , tempering winters and summers, on much of
5880-778: The Black Sea region since the fall of the Soviet Union, such as: The Organization of the Black Sea Economic Cooperation (BSEC) aims to ensure peace, stability and prosperity by encouraging friendly and good-neighbourly relations among the 12 state members, located mainly in the Black Sea region. It was created on 25 June 1992 in Istanbul, and entered into force on 1 May 1999. The 11 founding members were Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Turkey, and Ukraine. Serbia (then Serbia and Montenegro) joined in April 2004. Europe Europe
6048-809: The Carolingian Renaissance of the 9th century. From that time, the term designated the sphere of influence of the Western Church , as opposed to both the Eastern Orthodox churches and to the Islamic world . A cultural definition of Europe as the lands of Latin Christendom coalesced in the 8th century, signifying the new cultural condominium created through the confluence of Germanic traditions and Christian-Latin culture, defined partly in contrast with Byzantium and Islam , and limited to northern Iberia ,
6216-682: The Comintern (1919), to the Labour and Socialist International (1921) to the Radical and Democratic Entente of centre-left progressive parties (1924), to the Green International of farmers' parties (1923), to the centre-right International Secretariat of Democratic Parties inspired by Christianity (1925). While the remit of these international bodies was global, the predominance of political parties from Europe meant that they facilitated interaction between
6384-509: The Don (ancient Tanais ). But maps produced during the 16th to 18th centuries tended to differ in how to continue the boundary beyond the Don bend at Kalach-na-Donu (where it is closest to the Volga, now joined with it by the Volga–Don Canal ), into territory not described in any detail by the ancient geographers. Around 1715, Herman Moll produced a map showing the northern part of the Ob River and
6552-744: The European Council approved the EU Strategy for the Baltic Sea Region (EUSBSR) following a communication from the European Commission . The EUSBSR was the first macro-regional strategy in Europe. The Strategy aims to reinforce cooperation within the Baltic Sea Region, to address challenges together, and to promote balanced development in the Region. The Strategy contributes to major EU policies, including Europe 2020 , and reinforces integration within
6720-557: The European population at the time. The plague had a devastating effect on Europe's social structure; it induced people to live for the moment as illustrated by Giovanni Boccaccio in The Decameron (1353). It was a serious blow to the Roman Catholic Church and led to increased persecution of Jews , beggars and lepers . The plague is thought to have returned every generation with varying virulence and mortalities until
6888-518: The Great Crash or Crash of '29 , was a major stock market crash in the United States in late 1929, beginning in late October with a sharp decline in prices on the New York Stock Exchange (NYSE) and ending in mid-November. The crash, which began a rapid erosion of confidence in the U.S. banking system and marked the beginning of the worldwide Great Depression , which lasted until 1939,
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7056-508: The Greeks and Phoenicians gave rise to early Mediterranean cities. Early Iron Age Italy and Greece from around the 8th century BCE gradually gave rise to historical Classical antiquity, whose beginning is sometimes dated to 776 BCE, the year of the first Olympic Games . Ancient Greece was the founding culture of Western civilisation. Western democratic and rationalist culture are often attributed to Ancient Greece. The Greek city-state,
7224-612: The Inquisition against heretics. In the Iberian Peninsula , the Reconquista concluded with the fall of Granada in 1492 , ending over seven centuries of Islamic rule in the south-western peninsula. In the east, a resurgent Byzantine Empire recaptured Crete and Cyprus from the Muslims, and reconquered the Balkans. Constantinople was the largest and wealthiest city in Europe from the 9th to
7392-764: The Iron Curtain , with NATO in the West and the Warsaw Pact in the East . This divide ended with the Revolutions of 1989 , the fall of the Berlin Wall , and the dissolution of the Soviet Union , which allowed European integration to advance significantly. European integration is being advanced institutionally since 1948 with the founding of the Council of Europe , and significantly through
7560-442: The Irtysh River , a major tributary of the Ob, as components of a series of partly-joined waterways taking the boundary between Europe and Asia from the Turkish Straits, and the Don River all the way to the Arctic Ocean. In 1721, he produced a more up to date map that was easier to read. However, his proposal to adhere to major rivers as the line of demarcation was never taken up by other geographers who were beginning to move away from
7728-419: The Mediterranean Sea —namely, Ceuta and Melilla —which are parts of Africa and share a border with Morocco. According to the current convention, Georgia and Azerbaijan are transcontinental countries where waterways have been completely replaced by mountains as the divide between continents. The first recorded usage of Eurṓpē as a geographic term is in the Homeric Hymn to Delian Apollo , in reference to
7896-490: The Megalithic Temples of Malta and Stonehenge , were constructed throughout Western and Southern Europe. The modern native populations of Europe largely descend from three distinct lineages: Mesolithic hunter-gatherers , descended from populations associated with the Paleolithic Epigravettian culture; Neolithic Early European Farmers who migrated from Anatolia during the Neolithic Revolution 9,000 years ago; and Yamnaya Steppe herders who expanded into Europe from
8064-433: The National City Bank , would provide $ 25 million in credit to stop the market's slide. Mitchell's move brought a temporary halt to the financial crisis, and call money declined from 20 to 8 percent. However, the American economy showed ominous signs of trouble. Steel production declined, construction was sluggish, automobile sales went down, and consumers were building up large debts because of easy credit. Despite all
8232-428: The National City Bank of New York . They chose Richard Whitney , vice president of the Exchange, to act on their behalf. With the bankers' financial resources behind him, Whitney placed a bid to purchase 25,000 shares of U.S. Steel at $ 205 per share, a price well above the current market. As traders watched, Whitney then placed similar bids on other " blue chip " stocks. The tactic was similar to one that had ended
8400-427: The Neandertal valley in Germany ) appeared in Europe 150,000 years ago (115,000 years ago it is found already in the territory of present-day Poland ) and disappeared from the fossil record about 40,000 years ago, with their final refuge being the Iberian Peninsula. The Neanderthals were supplanted by modern humans ( Cro-Magnons ), who seem to have appeared in Europe around 43,000 to 40,000 years ago. However, there
8568-434: The New Order , the Greater Germanic Reich and Generalplan Ost - did not survive the war. At the end of World War II, the continental political climate favoured unity in democratic European countries, seen by many as an escape from the extreme forms of nationalism which had devastated the continent. In a speech delivered on 19 September 1946 at the University of Zürich in Switzerland, Winston Churchill postulated
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#17328517414768736-456: The Panic of 1907 and succeeded in halting the slide. The Dow Jones Industrial Average recovered, closing down only 6.38 points (2.09%) for the day. On October 28, " Black Monday ", more investors facing margin calls decided to get out of the market, and the slide continued with a record loss in the Dow for the day of 38.33 points, or 12.82%. On October 29, 1929, " Black Tuesday " hit Wall Street as investors traded some 16 million shares on
8904-432: The Pechenegs and the Cuman-Kipchaks , caused a massive migration of Slavic populations to the safer, heavily forested regions of the north, and temporarily halted the expansion of the Rus' state to the south and east. Like many other parts of Eurasia , these territories were overrun by the Mongols . The invaders, who became known as Tatars , were mostly Turkic-speaking peoples under Mongol suzerainty. They established
9072-401: The Pecora Commission was established by the U.S. Senate to study the causes of the crash. The following year, the U.S. Congress passed the Glass–Steagall Act mandating a separation between commercial banks , which take deposits and extend loans , and investment banks , which underwrite , issue, and distribute stocks , bonds , and other securities . Afterwards, stock markets around
9240-409: The Pontic–Caspian steppe of Ukraine and southern Russia in the context of Indo-European migrations 5,000 years ago. The European Bronze Age began c. 3200 BCE in Greece with the Minoan civilisation on Crete , the first advanced civilisation in Europe. The Minoans were followed by the Myceneans , who collapsed suddenly around 1200 BCE, ushering the European Iron Age . Iron Age colonisation by
9408-406: The Serbian Principality (later Kingdom and Empire ), and the Duchy of Croatia (later Kingdom of Croatia ). To the east, Kievan Rus' expanded from its capital in Kiev to become the largest state in Europe by the 10th century. In 988, Vladimir the Great adopted Orthodox Christianity as the religion of state. Further east, Volga Bulgaria became an Islamic state in the 10th century, but
9576-426: The decline of the Roman Empire , Europe entered a long period of change arising from what historians call the " Age of Migrations ". There were numerous invasions and migrations amongst the Ostrogoths , Visigoths , Goths , Vandals , Huns , Franks , Angles , Saxons , Slavs , Avars , Bulgars , Vikings , Pechenegs , Cumans , and Magyars . Renaissance thinkers such as Petrarch would later refer to this as
9744-465: The fall of the Western Roman Empire in 476 CE, Christian consolidation of Europe in the wake of the Migration Period marked the European post-classical Middle Ages . The Italian Renaissance spread in the continent a new humanist interest in art and science which led to the modern era . Since the Age of Discovery , led by Spain and Portugal , Europe played a predominant role in global affairs with multiple explorations and conquests around
9912-432: The last glacial period ended about 10,000 years ago. Earth is currently in an interglacial period of the Quaternary, called the Holocene . Homo erectus georgicus , which lived roughly 1.8 million years ago in Georgia , is the earliest hominin to have been discovered in Europe. Other hominin remains, dating back roughly 1 million years, have been discovered in Atapuerca , Spain . Neanderthal man (named after
10080-517: The polis , was the fundamental political unit of classical Greece. In 508 BCE, Cleisthenes instituted the world's first democratic system of government in Athens . The Greek political ideals were rediscovered in the late 18th century by European philosophers and idealists. Greece also generated many cultural contributions: in philosophy , humanism and rationalism under Aristotle , Socrates and Plato ; in history with Herodotus and Thucydides ; in dramatic and narrative verse, starting with
10248-407: The ticker tape in brokerage offices around the nation was hours late, and so investors had no idea what most stocks were trading for. Several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor. The meeting included Thomas W. Lamont , acting head of Morgan Bank ; Albert Wiggin , head of the Chase National Bank ; and Charles E. Mitchell, president of
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#173285174147610416-437: The uptick rule , which allowed short selling only when the last tick in a stock's price was positive, was implemented after the 1929 market crash to prevent short sellers from driving the price of a stock down in a bear raid . The stock market crash of October 1929 led directly to the Great Depression in Europe. When stocks plummeted on the New York Stock Exchange , the world noticed immediately. Although financial leaders in
10584-457: The watershed of the Ural Mountains , the Ural River , the Caspian Sea , the Greater Caucasus , the Black Sea , and the waterway of the Bosporus Strait . Europe covers about 10.18 million km (3.93 million sq mi), or 2% of Earth's surface (6.8% of land area), making it the second-smallest continent (using the seven-continent model ). Politically, Europe is divided into about fifty sovereign states , of which Russia
10752-402: The "Dark Ages". Isolated monastic communities were the only places to safeguard and compile written knowledge accumulated previously; apart from this, very few written records survive. Much literature, philosophy, mathematics, and other thinking from the classical period disappeared from Western Europe, though they were preserved in the east, in the Byzantine Empire. While the Roman empire in
10920-461: The 12th centuries, with a population of approximately 400,000. The Empire was weakened following the defeat at Manzikert , and was weakened considerably by the sack of Constantinople in 1204 , during the Fourth Crusade . Although it would recover Constantinople in 1261, Byzantium fell in 1453 when Constantinople was taken by the Ottoman Empire . In the 11th and 12th centuries, constant incursions by nomadic Turkic tribes, such as
11088-401: The 12th to the 15th centuries, the Grand Duchy of Moscow grew from a small principality under Mongol rule to the largest state in Europe, overthrowing the Mongols in 1480, and eventually becoming the Tsardom of Russia . The state was consolidated under Ivan III the Great and Ivan the Terrible , steadily expanding to the east and south over the next centuries. The Great Famine of 1315–1317
11256-518: The 14th and 16th centuries: it saw the flowering of art , philosophy , music , and the sciences , under the joint patronage of royalty , the nobility, the Roman Catholic Church and an emerging merchant class. Patrons in Italy, including the Medici family of Florentine bankers and the Popes in Rome , funded prolific quattrocento and cinquecento artists such as Raphael , Michelangelo and Leonardo da Vinci . Wall Street Crash of 1929 The Wall Street crash of 1929 , also known as
11424-444: The 18th century. During this period, more than 100 plague epidemics swept across Europe. The Renaissance was a period of cultural change originating in Florence , and later spreading to the rest of Europe. The rise of a new humanism was accompanied by the recovery of forgotten classical Greek and Arabic knowledge from monastic libraries, often translated from Arabic into Latin . The Renaissance spread across Europe between
11592-437: The 1930s and unable to put their ideas into practice, many would find themselves in power in the 1940s and 1950s, and better-placed to put into effect their earlier remedies against economic and political crisis. During World War II (1939–1945) Nazi Germany came to dominate - directly or indirectly - much of Europe at various times. The plans for German-oriented political, social, and economic integration of Europe - such as
11760-418: The 1960s. Intergovernmentalism and later, Liberal Intergovernmentalism , developed in the 1980s by Andrew Moravcsik focus on governmental actors' impacts that are enhanced by supranational institutions but not restrained from them. The important debate between neofunctionalism and (liberal) intergovernmentalism still remains central in understanding the development and setbacks of the European integration. As
11928-400: The 50 years of peace that followed are known as Golden Age of Athens , the seminal period of ancient Greece that laid many of the foundations of Western civilisation. Greece was followed by Rome , which left its mark on law , politics , language , engineering , architecture , government , and many more key aspects in western civilisation. By 200 BCE, Rome had conquered Italy and over
12096-537: The Balkans as well as the Latin Monetary Union . Following the catastrophe of the First World War of 1914–1918, thinkers and visionaries from a range of political traditions again began to float the idea of a politically unified Europe. In the early 1920s a range of international organisations were founded (or re-founded) to help like-minded political parties to coordinate their activities. These ranged from
12264-493: The Baltic Sea States (CBSS) was founded in 1992 to promote intergovernmental cooperation among Baltic Sea countries in questions concerning economy, civil society development, human rights issues, and nuclear and radiation safety. It has 12 members including Denmark , Estonia , Finland , Germany , Iceland (since 1995), Latvia , Lithuania , Norway , Poland , Russia , Sweden and the European Commission . In 2009
12432-526: The British Isles, France, Christianised western Germany, the Alpine regions and northern and central Italy. The concept is one of the lasting legacies of the Carolingian Renaissance : Europa often figures in the letters of Charlemagne's court scholar, Alcuin . The transition of Europe to being a cultural term as well as a geographic one led to the borders of Europe being affected by cultural considerations in
12600-609: The Danish autonomous territories of Faroe Islands since 1 January 1966. The following political and/or economic organisations have been in the Baltic region in the post-modern era : The Baltic Assembly aims to promote co-operation between the parliaments of the Baltic states , namely the Republics of Estonia, Latvia and Lithuania. The organisation was planned in Vilnius on 1 December 1990, and
12768-560: The Don altogether, following the Greater Caucasus watershed to the Caspian. The question was still treated as a "controversy" in geographical literature of the 1860s, with Douglas Freshfield advocating the Caucasus crest boundary as the "best possible", citing support from various "modern geographers". In Russia and the Soviet Union , the boundary along the Kuma–Manych Depression was the most commonly used as early as 1906. In 1958,
12936-473: The Dow closing at 198.60. The market then recovered for several months, starting on November 14, with the Dow gaining 18.59 points to close at 217.28, and reaching a secondary closing peak ( bear market rally ) of 294.07 on April 17, 1930. The Dow then embarked on another, much longer, steady slide from April 1930 to July 8, 1932, when it closed at 41.22, its lowest level of the 20th century, concluding an 89.2% loss for
13104-601: The EU is and how it operates. For example, new theory multi-level governance (MLG) was developed to understand the workings and development of the EU. The third phase of integration theory marked a return of International Relations theory with the rise of critical and constructivist approaches in the 1990s. Perspectives from social constructivists, post-structuralists, critical theories, feminist theories are incorporated in integration theories to conceptualize European integration process of widening and deepening. Various federalist organisations have been created over time supporting
13272-649: The Early Middle Ages, and soon spread throughout Europe. A struggle for influence between the nobility and the monarchy in England led to the writing of Magna Carta and the establishment of a parliament . The primary source of culture in this period came from the Roman Catholic Church . Through monasteries and cathedral schools , the Church was responsible for education in much of Europe. The Papacy reached
13440-550: The East, especially relating to areas under Byzantine, Ottoman, and Russian influence. Such questions were affected by the positive connotations associated with the term Europe by its users. Such cultural considerations were not applied to the Americas, despite their conquest and settlement by European states. Instead, the concept of "Western civilization" emerged as a way of grouping together Europe and these colonies. The question of defining
13608-677: The European Union (EU) are members of the: have organizations that are members of the: have organisations that are members, associated partners or observers of the are located in the European Broadcasting Area (EBA) 21 states are part of the Eurozone or in ERM II without Euro opt-out. These are Austria, Belgium, Bulgaria, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Italy, Ireland, Latvia, Lithuania, Luxembourg, Malta,
13776-621: The Frankish tribes were united under Clovis I . Charlemagne , a Frankish king of the Carolingian dynasty who had conquered most of Western Europe, was anointed " Holy Roman Emperor " by the Pope in 800. This led in 962 to the founding of the Holy Roman Empire , which eventually became centred in the German principalities of central Europe. East Central Europe saw the creation of the first Slavic states and
13944-509: The Great 's efforts to make Russia more European, ignored the whole boundary question with his claim that neither Russia, Scandinavia, northern Germany, nor Poland were fully part of Europe. Since then, many modern analytical geographers like Halford Mackinder have declared that they see little validity in the Ural Mountains as a boundary between continents. The mapmakers continued to differ on
14112-509: The Great Depression. True or not, the consequences were dire for almost everybody. Most academic experts agree on one aspect of the crash: It wiped out billions of dollars of wealth in one day, and this immediately depressed consumer buying. The failure set off a worldwide run on US gold deposits (i.e., the dollar) and forced the Federal Reserve to raise interest rates into the slump. Some 4,000 banks and other lenders ultimately failed. Also,
14280-478: The League's request, Briand presented a Memorandum on the organisation of a system of European Federal Union . The next year the future French prime minister Édouard Herriot published his book The United States of Europe . Indeed, a template for such a system already existed, in the form of the 1921 Belgian and Luxembourgish customs and monetary union. Support for the proposals by the French centre-left came from
14448-634: The Levant and North Africa and making inroads into Asia Minor . In the mid-7th century, following the Muslim conquest of Persia , Islam penetrated into the Caucasus region. Over the next centuries Muslim forces took Cyprus , Malta , Crete , Sicily , and parts of southern Italy . Between 711 and 720, most of the lands of the Visigothic Kingdom of Iberia were brought under Muslim rule—save for small areas in
14616-467: The London Stock Exchange. In the days leading up to the crash, the market was severely unstable. Periods of selling and high volumes were interspersed with brief periods of rising prices and recovery. Selling intensified in mid-October. On October 24, " Black Thursday ", the market lost 11% of its value at the opening bell on very heavy trading. The huge volume meant that the report of prices on
14784-625: The Mediterranean Sea without the inclusion of any mountain ranges. Cartographer Herman Moll suggested in 1715 Europe was bounded by a series of partly-joined waterways directed towards the Turkish straits, and the Irtysh River draining into the upper part of the Ob River and the Arctic Ocean . In contrast, the present eastern boundary of Europe partially adheres to the Ural and Caucasus Mountains, which
14952-484: The Netherlands, Portugal, Slovakia, Slovenia and Spain. They are all members of or take part in: [REDACTED] Some agreements that are mostly related to countries of the European continent, are also valid in territories outside the continent. Not listed below are agreements if their scope is beyond geographic Europe only because the agreement includes: List: Several regional integration efforts have effectively promoted intergovernmental cooperation and reduced
15120-603: The New York Stock Exchange in a single day. Around $ 14 billion of stock value was lost, wiping out thousands of investors. The panic selling reached its peak with some stocks having no buyers at any price. The Dow lost an additional 30.57 points, or 11.73%, for a total drop of 68.90 points, or 23.05% in two days. On October 29, William C. Durant joined with members of the Rockefeller family and other financial giants to buy large quantities of stocks to demonstrate to
15288-669: The Region. Since the end of the First World War the following unions have been set in the Low Countries region: The Benelux is an economic and political union between Belgium, the Netherlands, and Luxembourg. On 5 September 1944, a treaty establishing the Benelux Customs Union was signed. It entered into force in 1948, and ceased to exist on 1 November 1960, when it was replaced by the Benelux Economic Union after
15456-559: The Roman Empire , even the iterations of the Classical Empire and its ancient peoples, have occasionally been reinterpreted in the light of post-1950 European integration as providing inspiration and historical precedents. Important examples include the Holy Roman Empire , the Hanseatic League , the Peace of Westphalia , the Napoleonic Empire , and the unification of Germany , Italy , and
15624-762: The Soviet Geographical Society formally recommended that the boundary between the Europe and Asia be drawn in textbooks from Baydaratskaya Bay , on the Kara Sea , along the eastern foot of Ural Mountains, then following the Ural River until the Mugodzhar Hills , and then the Emba River ; and Kuma–Manych Depression, thus placing the Caucasus entirely in Asia and the Urals entirely in Europe. The Flora Europaea adopted
15792-500: The Tanais (the modern Don River) as the boundary. The Roman Empire did not attach a strong identity to the concept of continental divisions. However, following the fall of the Western Roman Empire , the culture that developed in its place , linked to Latin and the Catholic church, began to associate itself with the concept of "Europe". The term "Europe" is first used for a cultural sphere in
15960-675: The U.S., and much of the profit had been invested in speculation , including in stocks. Many members of the public, disappointed by the low interest rates offered on their bank deposits, committed their relatively small sums to stockbrokers . By 1929, the U.S. economy was showing signs of trouble; the agricultural sector was depressed due to overproduction and falling prices, forcing many farmers into debt, and consumer goods manufacturers also had unsellable output due to low wages and thus low purchasing power . Factory owners cut production and fired staff, reducing demand even further. Despite these trends, investors continued to buy shares in areas of
16128-520: The UK, protests often focused on the so-called means test , which the government had instituted in 1931 to limit the amount of unemployment payments made to individuals and families. For working people, the means test seemed an intrusive and insensitive way to deal with the chronic and relentless deprivation caused by the economic crisis. The strikes were met forcefully, with police breaking up protests, arresting demonstrators, and charging them with crimes related to
16296-703: The United Kingdom, as in the United States, vastly underestimated the extent of the crisis that ensued, it soon became clear that the world's economies were more interconnected than ever. The effects of the disruption to the global system of financing, trade, and production and the subsequent meltdown of the American economy were soon felt throughout Europe. In 1930 and 1931, in particular, unemployed workers went on strike, demonstrated in public, and otherwise took direct action to call public attention to their plight. Within
16464-427: The United States. Historians still debate whether the 1929 crash sparked the Great Depression or if it merely coincided with bursting a loose credit-inspired economic bubble. Only 16% of American households were invested in the stock market within the United States during the period leading up to this depression, suggesting that the crash carried somewhat less weight in causing it. However, the psychological effects of
16632-527: The adherents of a given ideology across European borders. Within each political tradition, voices emerged advocating not merely the cooperation of various national parties, but the pursuit of political institutions at the European level. One of the first to articulate this view was Richard von Coudenhove-Kalergi , who outlined a conservative vision of European unity in his Pan-Europa manifesto (1923). The First Paneuropean Congress took place in Vienna in 1926, and
16800-486: The adoption of Christianity ( c. 1000 CE) . The powerful West Slavic state of Great Moravia spread its territory all the way south to the Balkans, reaching its largest territorial extent under Svatopluk I and causing a series of armed conflicts with East Francia . Further south, the first South Slavic states emerged in the late 7th and 8th century and adopted Christianity : the First Bulgarian Empire ,
16968-493: The association possessed 8000 members by the time of the 1929 Wall Street Crash . They envisaged a specifically Christian, and by implication Catholic, Europe. The British civil-servant and future Conservative minister Arthur Salter published a book advocating The United States of Europe in 1933. In contrast the Soviet commissar (minister) Leon Trotsky raised the slogan "For a Soviet United States of Europe" in 1923, advocating
17136-625: The basis of many modern legal systems, funded the construction of the Hagia Sophia and brought the Christian church under state control. From the 7th century onwards, as the Byzantines and neighbouring Sasanid Persians were severely weakened due to the protracted, centuries-lasting and frequent Byzantine–Sasanian wars , the Muslim Arabs began to make inroads into historically Roman territory, taking
17304-556: The boundary between the lower Don and Samara well into the 19th century. The 1745 atlas published by the Russian Academy of Sciences has the boundary follow the Don beyond Kalach as far as Serafimovich before cutting north towards Arkhangelsk , while other 18th- to 19th-century mapmakers such as John Cary followed Strahlenberg's prescription. To the south, the Kuma–Manych Depression was identified c. 1773 by
17472-569: The continent The prevalent definition of Europe as a geographical term has been in use since the mid-19th century. Europe is taken to be bounded by large bodies of water to the north, west and south; Europe's limits to the east and north-east are usually taken to be the Ural Mountains , the Ural River , and the Caspian Sea ; to the south-east, the Caucasus Mountains , the Black Sea , and
17640-504: The continent. Chinese, for example, uses the word Ōuzhōu ( 歐洲 / 欧洲 ), which is an abbreviation of the transliterated name Ōuluóbā zhōu ( 歐羅巴洲 ) ( zhōu means "continent"); a similar Chinese-derived term Ōshū ( 欧州 ) is also sometimes used in Japanese such as in the Japanese name of the European Union, Ōshū Rengō ( 欧州連合 ) , despite the katakana Yōroppa ( ヨーロッパ ) being more commonly used. In some Turkic languages,
17808-424: The continent. Further from the sea, seasonal differences are more noticeable producing more continental climates . European culture consists of a range of national and regional cultures, which form the central roots of the wider Western civilisation , and together commonly reference ancient Greece and ancient Rome , particularly through their Christian successors , as crucial and shared roots. Beginning with
17976-621: The continents as the lands given by Noah to his three sons; Europe was defined as stretching from the Pillars of Hercules at the Strait of Gibraltar , separating it from Northwest Africa , to the Don, separating it from Asia. The convention received by the Middle Ages and surviving into modern usage is that of the Roman era used by Roman-era authors such as Posidonius , Strabo , and Ptolemy , who took
18144-594: The crash reverberated across the nation as businesses became aware of the difficulties in securing capital market investments for new projects and expansions. Business uncertainty naturally affects job security for employees, and as the American worker (the consumer) faced uncertainty with regard to income, naturally the propensity to consume declined. The decline in stock prices caused bankruptcies and severe macroeconomic difficulties, including contraction of credit, business closures, firing of workers, bank failures, decline of
18312-409: The crash, economist Irving Fisher famously proclaimed "Stock prices have reached what looks like a permanently high plateau". The optimism and the financial gains of the great bull market were shaken after a well-publicized September 8 prediction from financial expert Roger Babson that "a crash is coming, and it may be terrific". The initial September decline was thus called the "Babson Break" in
18480-495: The destinies of men? ... France and Germany must take the lead together. Great Britain, the British Commonwealth of Nations, mighty America[,] and I trust Soviet Russia—for then indeed all would be well—must be the friends and sponsors of the new Europe and must champion its right to live and shine. We must build a kind of United States of Europe. In this way only, will hundreds of millions of toilers be able to regain
18648-565: The development of major commercial routes along the coast of the Mediterranean and Baltic Seas . The growing wealth and independence acquired by some coastal cities gave the Maritime Republics a leading role in the European scene. The Middle Ages on the mainland were dominated by the two upper echelons of the social structure: the nobility and the clergy. Feudalism developed in France in
18816-632: The economic warning signs and the market breaks in March and May 1929, stocks resumed their advance in June, and the gains continued almost unabated until early September 1929 (the Dow Jones average gained more than 20% between June and September). The market had been on a nine-year run that saw the Dow Jones Industrial Average increase in value tenfold, peaking at 381.17 on September 3, 1929. Shortly before
18984-505: The economy where output was declining and unemployment was increasing, so the purchase price of stocks greatly exceeded their real value. By September 1929, more experienced shareholders realized that prices could not continue to rise and began to get rid of their holdings, which caused share values to stall and then fall, encouraging more to sell. As investors panicked, the selling became frenzied. After Black Thursday, leading bankers joined forces to purchase stock at prices above market value,
19152-471: The empirical world has changed, so have the theories and thus the understanding of European Integration. The second generation of integration theorists focused on the importance of institutions and their impacts on both integration process and European governance development. The second phase brought in perspectives from comparative politics in addition to traditional International Relations theoretical references. Studies attempted to understand what kind of polity
19320-507: The end of September, the market had dropped 10% from the peak (the "Babson Break"). Selling intensified in early and mid-October, with sharp down days punctuated by a few up days. Panic selling of massive proportion started the week of October 21 and intensified and culminated on October 24, October 28, and especially October 29 ("Black Tuesday"). The president of the Chase National Bank, Albert H. Wiggin , said at
19488-581: The end of the 18th century, gave rise to radical economic, cultural, and social change in Western Europe and eventually the wider world. Both world wars began and were fought to a great extent in Europe, contributing to a decline in Western European dominance in world affairs by the mid-20th century as the Soviet Union and the United States took prominence and competed over dominance in Europe and globally. The resulting Cold War divided Europe along
19656-570: The epic poems of Homer ; in drama with Sophocles and Euripides ; in medicine with Hippocrates and Galen ; and in science with Pythagoras , Euclid , and Archimedes . In the course of the 5th century BCE, several of the Greek city states would ultimately check the Achaemenid Persian advance in Europe through the Greco-Persian Wars , considered a pivotal moment in world history, as
19824-431: The face value of the stocks that they were buying. Over $ 8.5 billion was out on loan, more than the entire amount of currency circulating in the United States at the time. The rising share prices encouraged more people to invest on the hope that share prices would rise further. Speculation thus fueled further rises and created an economic bubble . Because of margin buying , investors stood to lose large sums of money if
19992-411: The first six months of 1929, of 36.6% over 1928, itself a record half-year. Iron and steel led the way with doubled gains. Such figures set up a crescendo of stock-exchange speculation that led hundreds of thousands of Americans to invest heavily in the stock market. Many people were borrowing money to buy more stocks. By August 1929, brokers were routinely lending small investors more than two-thirds of
20160-567: The following two centuries it conquered Greece , Hispania ( Spain and Portugal ), the North African coast, much of the Middle East , Gaul ( France and Belgium ), and Britannia ( England and Wales ). Expanding from their base in central Italy beginning in the third century BCE, the Romans gradually expanded to eventually rule the entire Mediterranean basin and Western Europe by the turn of
20328-575: The height of its power during the High Middle Ages. An East-West Schism in 1054 split the former Roman Empire religiously, with the Eastern Orthodox Church in the Byzantine Empire and the Roman Catholic Church in the former Western Roman Empire. In 1095 Pope Urban II called for a crusade against Muslims occupying Jerusalem and the Holy Land . In Europe itself, the Church organised
20496-632: The idea of a federal Europe. These include the Union of European Federalists , the Young European Federalists , the European Movement International , the European Federalist Party , and Volt Europa . The Union of European Federalists (UEF) is a European non-governmental organisation, campaigning for a Federal Europe. It consists of 20 constituent organisations and it has been active at the European, national and local levels for more than 50 years. The European Movement International
20664-399: The idea of water boundaries as the only legitimate divides between Europe and Asia. Four years later, in 1725, Philip Johan von Strahlenberg was the first to depart from the classical Don boundary. He drew a new line along the Volga , following the Volga north until the Samara Bend , along Obshchy Syrt (the drainage divide between the Volga and Ural Rivers ), then north and east along
20832-481: The index in less than three years. Beginning on March 15, 1933, and continuing through the rest of the 1930s, the Dow began to slowly regain the ground it had lost. The largest percentage increases of the Dow Jones occurred during the early and mid-1930s. In late 1937, there was a sharp dip in the stock market, but prices held well above the 1932 lows. The Dow Jones did not return to its peak close of September 3, 1929, for 25 years, until November 23, 1954. In 1932,
21000-442: The largest committee, the French one, possessed fewer than six-hundred members, two-thirds of them parliamentarians. Two centre-left French prime ministers went further. In 1929 Aristide Briand gave a speech in the presence of the League of Nations Assembly in which he proposed the idea of a federation of European nations based on solidarity and in the pursuit of economic prosperity and political and social co-operation. In 1930, at
21168-496: The largest financial crisis of the 20th century. The panic of October 1929 has come to serve as a symbol of the economic contraction that gripped the world during the next decade. The falls in share prices on October 24 and 29, 1929 were practically instantaneous in all financial markets, except Japan. The Wall Street Crash had a major impact on the U.S. and world economy, and it has been the source of intense academic historical, economic, and political debate from its aftermath until
21336-532: The latter waterway to its source in the Ural Mountains . At this point he proposed that mountain ranges could be included as boundaries between continents as alternatives to nearby waterways. Accordingly, he drew the new boundary north along Ural Mountains rather than the nearby and parallel running Ob and Irtysh rivers. This was endorsed by the Russian Empire and introduced the convention that would eventually become commonly accepted. However, this did not come without criticism. Voltaire , writing in 1760 about Peter
21504-594: The market turned down or even if it failed to advance quickly enough. The average price to earnings ratio of S&P Composite stocks was 32.6 in September 1929, clearly above historical norms. According to the economist John Kenneth Galbraith , the exuberance also resulted in a large number of people placing their savings and money in leverage investment products like Goldman Sachs 's "Blue Ridge trust" and "Shenandoah Trust", which crashed in 1929 as well, resulting in losses to banks of $ 475 billion in 2010 dollars ($ 663.68 billion in 2023). Good harvests had built up
21672-464: The millennium. The Roman Republic ended in 27 BCE, when Augustus proclaimed the Roman Empire . The two centuries that followed are known as the pax romana , a period of unprecedented peace, prosperity and political stability in most of Europe. The empire continued to expand under emperors such as Antoninus Pius and Marcus Aurelius , who spent time on the Empire's northern border fighting Germanic , Pictish and Scottish tribes. Christianity
21840-492: The money supply caused by Federal Reserve decisions had a severely contractionary effect on output. Despite the inherent risk of speculation , it was widely believed that the stock market would continue to rise forever. On March 25, 1929, after the Federal Reserve warned of excessive speculation, a small crash occurred as investors started to sell stocks at a rapid pace, exposing the market's shaky foundation. Two days later, banker Charles E. Mitchell announced that his company,
22008-406: The money supply, and other economically depressing events. The resultant rise of mass unemployment is seen as a result of the crash, although the crash is by no means the sole event that contributed to the depression. The Wall Street Crash is usually seen as having the greatest impact on the events that followed and therefore is widely regarded as signaling the downward economic slide that initiated
22176-400: The nation-states was essential for the first theories. Federalism and functionalism proposed the containment of the nation-state, while transactionalism sought to theorise the conditions for the stabilisation of the nation-state system. Early federalism was more like a political movement calling for European federation by various political actors, for example, Altiero Spinelli calling for
22344-441: The northwest ( Asturias ) and largely Basque regions in the Pyrenees . This territory, under the Arabic name Al-Andalus , became part of the expanding Umayyad Caliphate . The unsuccessful second siege of Constantinople (717) weakened the Umayyad dynasty and reduced their prestige. The Umayyads were then defeated by the Frankish leader Charles Martel at the Battle of Poitiers in 732, which ended their northward advance. In
22512-431: The originally Persian name Frangistan ("land of the Franks ") is used casually in referring to much of Europe, besides official names such as Avrupa or Evropa . Clickable map of Europe, showing one of the most commonly used continental boundaries Key: blue : states which straddle the border between Europe and Asia ; green : countries not geographically in Europe, but closely associated with
22680-542: The parliaments and governments of the Nordic countries created in February 1953. It includes the states of Denmark , Finland , Iceland , Norway and Sweden , and their autonomous territories ( Greenland , Faroe Islands and Åland ). The Nordic Passport Union , created in 1954 but implemented on 1 May 1958, establishes free movement across borders without passports for the countries' citizens. It comprises Denmark, Sweden and Norway as foundational states; further, it includes Finland and Iceland since 24 September 1965, and
22848-444: The poetry devoted to it. An alternative view is that of Robert Beekes , who has argued in favour of a pre-Indo-European origin for the name, explaining that a derivation from eurus would yield a different toponym than Europa. Beekes has located toponyms related to that of Europa in the territory of ancient Greece, and localities such as that of Europos in ancient Macedonia . There have been attempts to connect Eurṓpē to
23016-444: The position was saved by a severe drought in the Dakotas and the Canadian West, as well as unfavorable seed times in Argentina and eastern Australia. The oversupply was now wanted to fill the gaps in the 1929 world wheat production. From 97¢ per bushel in May, the price of wheat rose to $ 1.49 in July. When it was seen that figure would make American farmers get more for their crop that year than in 1928, stocks went up again. In August,
23184-415: The possibility of regional armed conflict. Other initiatives have removed barriers to free trade in European regions, and increased the free movement of people, labour, goods, and capital across national borders. Since the end of the Second World War, the following organisations have been established in the Nordic region : The Nordic Council and the Nordic Council of Ministers is a co-operation forum for
23352-469: The present day. Some people believed that abuses by utility holding companies contributed to the Wall Street Crash of 1929 and the Great Depression that followed. Many people blamed the crash on commercial banks that were too eager to put deposits at risk on the stock market. In 1930, 1,352 banks held more than $ 853 million in deposits; in 1931, one year later, 2,294 banks failed with nearly $ 1.7 billion in deposits. Many businesses failed (28,285 failures and
23520-484: The press. That was the start of the Great Crash, but until the severe phase of the crash in October, many investors regarded the September "Babson Break" as a "healthy correction" and buying opportunity. On September 20, 1929, top British investor Clarence Hatry and many of his associates were jailed for fraud and forgery, leading to the suspension of his companies. This may have weakened the confidence of Americans in their own companies, although it had minimal impact on
23688-453: The price had fallen to $ 1.31 per bushel. Other important economic barometers were also slowing or even falling by mid-1929, including car sales, house sales, and steel production. The falling commodity and industrial production may have dented even American self-confidence, and the stock market peaked on September 3 at 381.17 just after Labor Day, and it started to falter after Roger Babson issued his prescient "market crash" forecast. By
23856-407: The public their confidence in the market, but their efforts failed to stop the large decline in prices. The massive volume of stocks traded that day made the ticker continue to run until about 7:45 p.m. After a one-day recovery on October 30, when the Dow regained 28.40 points, or 12.34%, to close at 258.47, the market continued to fall, arriving at an interim bottom on November 13, 1929, with
24024-434: The purpose of common prosperity". The Spanish philosopher and politician, Ortega y Gasset , expressed a position shared by many within Republican Spain : "European unity is no fantasy, but reality itself; and the fantasy is precisely the opposite: the belief that France, Germany, Italy or Spain are substantive & independent realities." Eleftherios Venizelos , Prime Minister of Greece , outlined his government's support in
24192-417: The realisation of the European Union (EU), which represents today the majority of Europe. The European Union is a supranational political entity that lies between a confederation and a federation and is based on a system of European treaties . The EU originated in Western Europe but has been expanding eastward since the dissolution of the Soviet Union in 1991. A majority of its members have adopted
24360-456: The remote regions of north-western Iberia and the middle Pyrenees the power of the Muslims in the south was scarcely felt. It was here that the foundations of the Christian kingdoms of Asturias , Leon , and Galicia were laid and from where the reconquest of the Iberian Peninsula would start. However, no coordinated attempt would be made to drive the Moors out. The Christian kingdoms were mainly focused on their own internal power struggles. As
24528-567: The simple joys and hopes which make life worth living. European integration scholars Thomas Diez and Antje Wiener identify the general tendencies in the development of European integration theory and suggest to divide theories of integration into three broad phases, which are preceded by a normative proto-integration theory period. There's a gradual shift from theories studying European integration as sui generis towards new approaches that incorporate theories of International Relations and Comparative politics. The question of how to avoid wars between
24696-447: The spillover from the European Coal and Steel Community to the European Economic Community established in the 1957 Treaties of Rome. Transfers of loyalties from the national level to the supranational level is expected to occur as integration progresses. The other big influential theory in Integration Studies is Intergovernmentalism , advanced by Stanley Hoffmann after the Empty Chair Crisis by French President Charles De Gaulle in
24864-422: The state of the Golden Horde with headquarters in Crimea, which later adopted Islam as a religion, and ruled over modern-day southern and central Russia for more than three centuries. After the collapse of Mongol dominions, the first Romanian states (principalities) emerged in the 14th century: Moldavia and Walachia . Previously, these territories were under the successive control of Pechenegs and Cumans. From
25032-644: The state-model. Transactionalism, on the other hand, sees increased cross-border exchanges as promoting regional integration so that the risk of war is reduced. European integration theory initially focused on explaining integration process of supranational institution-building. One of the most influential theories of European integration is neofunctionalism , influenced by functionalist ideas, developed by Ernst B. Haas (1958) and further investigated by Leon Lindberg (1963). This theory focuses on spillovers of integration, where well-integrated and interdependent areas led to more integration. Neofunctionalism well captures
25200-430: The three nations agreed to its structure and rules on 13 June 1994. The Baltic Free Trade Area (BAFTA) was a trade agreement between Estonia, Lithuania and Latvia. It was signed on 13 September 1993 and came into force on 1 April 1994. The agreement was later extended to apply also to agricultural products, effective from 1 January 1997. BAFTA ceased to exist when its members joined the EU on 1 May 2004. The Council of
25368-401: The time: We are reaping the natural fruit of the orgy of speculation in which millions of people have indulged. It was inevitable, because of the tremendous increase in the number of stockholders in recent years, that the number of sellers would be greater than ever when the boom ended and selling took the place of buying. Together, the 1929 stock market crash and the Great Depression formed
25536-415: The violation of public order. There is a debate among economists and historians as to what role the crash played in subsequent economic, social, and political events. The Economist argued in a 1998 article that the Depression did not start with the stock market crash, nor was it clear at the time of the crash that a depression was starting. They asked, "Can a very serious Stock Exchange collapse produce
25704-407: The waterways connecting the Black Sea to the Mediterranean Sea . Islands are generally grouped with the nearest continental landmass, hence Iceland is considered to be part of Europe, while the nearby island of Greenland is usually assigned to North America , although politically belonging to Denmark. Nevertheless, there are some exceptions based on sociopolitical and cultural differences. Cyprus
25872-445: The west and the north, transmitting newly acquired skills in producing copper artifacts. In Western Europe the Neolithic period was characterised not by large agricultural settlements but by field monuments, such as causewayed enclosures , burial mounds and megalithic tombs . The Corded Ware cultural horizon flourished at the transition from the Neolithic to the Chalcolithic . During this period giant megalithic monuments, such as
26040-416: The west continued to decline, Roman traditions and the Roman state remained strong in the predominantly Greek-speaking Eastern Roman Empire , also known as the Byzantine Empire . During most of its existence, the Byzantine Empire was the most powerful economic, cultural, and military force in Europe. Emperor Justinian I presided over Constantinople's first golden age: he established a legal code that forms
26208-399: The western shore of the Aegean Sea . As a name for a part of the known world, it is first used in the 6th century BCE by Anaximander and Hecataeus . Anaximander placed the boundary between Asia and Europe along the Phasis River (the modern Rioni River on the territory of Georgia ) in the Caucasus, a convention still followed by Herodotus in the 5th century BCE. Herodotus mentioned that
26376-415: The wheat price fell when France and Italy were bragging about a magnificent harvest, and the situation in Australia improved. That sent a shiver through Wall Street and stock prices quickly dropped, but word of cheap stocks brought a fresh rush of "stags" (amateur speculators) and investors. Congress voted for a $ 100 million relief package for the farmers on the hope of stabilizing wheat prices, but by October,
26544-419: The widespread use of pottery—began around 7000 BCE in Greece and the Balkans , probably influenced by earlier farming practices in Anatolia and the Near East . It spread from the Balkans along the valleys of the Danube and the Rhine ( Linear Pottery culture ), and along the Mediterranean coast ( Cardial culture ). Between 4500 and 3000 BCE, these central European neolithic cultures developed further to
26712-411: The world had been divided by unknown persons into three parts—Europe, Asia, and Libya (Africa)—with the Nile and the Phasis forming their boundaries—though he also states that some considered the River Don , rather than the Phasis, as the boundary between Europe and Asia. Europe's eastern frontier was defined in the 1st century by geographer Strabo at the River Don. The Book of Jubilees described
26880-435: The world instituted measures to suspend trading in the event of rapid declines, claiming that the measures would prevent such panic sales. However, the one-day crash of Black Monday , October 19, 1987, when the Dow Jones Industrial Average fell 22.6%, as well as Black Monday of March 16, 2020 (−12.9%), were worse in percentage terms than any single day of the 1929 crash (although the combined 25% decline of October 28–29, 1929,
27048-410: The world. The place name Evros was first used by the ancient Greeks to refer to their northernmost province, which bears the same name today. The principal river there – Evros (today's Maritsa ) – flows through the fertile valleys of Thrace , which itself was also called Europe, before the term meant the continent. In classical Greek mythology , Europa ( Ancient Greek : Εὐρώπη , Eurṓpē )
27216-452: The world. Between the 16th and 20th centuries, European powers colonised at various times the Americas , almost all of Africa and Oceania , and the majority of Asia. The Age of Enlightenment , the French Revolution , and the Napoleonic Wars shaped the continent culturally, politically, and economically from the end of the 17th century until the first half of the 19th century. The Industrial Revolution , which began in Great Britain at
27384-422: Was legalised by Constantine I in 313 CE after three centuries of imperial persecution . Constantine also permanently moved the capital of the empire from Rome to the city of Byzantium (modern-day Istanbul ) which was renamed Constantinople in his honour in 330 CE. Christianity became the sole official religion of the empire in 380 CE, and in 391–392 CE the emperor Theodosius outlawed pagan religions. This
27552-399: Was a Phoenician princess. One view is that her name derives from the Ancient Greek elements εὐρύς ( eurús ) 'wide, broad', and ὤψ ( ōps , gen. ὠπός , ōpós ) 'eye, face, countenance', hence their composite Eurṓpē would mean 'wide-gazing' or 'broad of aspect'. Broad has been an epithet of Earth herself in the reconstructed Proto-Indo-European religion and
27720-488: Was a Polish-oriented version of Mitteleuropa . The Great Depression , the rise of fascism and communism and subsequently World War II prevented the inter-war movements from gaining further support: between 1933 and 1936 most of Europe's remaining democracies became dictatorships, and Ortega's Spain and Venizelos's Greece had both plunged into civil war. But although the social-democratic, liberal or Christian-democratic supporters of European unity were out of power during
27888-428: Was eventually absorbed into Russia several centuries later. The period between the year 1000 and 1250 is known as the High Middle Ages , followed by the Late Middle Ages until c. 1500. During the High Middle Ages the population of Europe experienced significant growth, culminating in the Renaissance of the 12th century . Economic growth, together with the lack of safety on the mainland trading routes, made possible
28056-463: Was larger than that of October 19, 1987, and remains the worst two-day decline as of October 7, 2024 ). The crash followed a speculative boom that had taken hold in the late 1920s. During the latter half of the 1920s, steel production, building construction, retail turnover, automobiles registered, and even railway receipts advanced from record to record. The combined net profits of 536 manufacturing and trading companies showed an increase, in
28224-495: Was the first crisis that would strike Europe in the late Middle Ages. The period between 1348 and 1420 witnessed the heaviest loss. The population of France was reduced by half. Medieval Britain was afflicted by 95 famines, and France suffered the effects of 75 or more in the same period. Europe was devastated in the mid-14th century by the Black Death , one of the most deadly pandemics in human history which killed an estimated 25 million people in Europe alone—a third of
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