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 the waterways connecting the Black Sea to the Mediterranean Sea.

27 European states are members of the politico-economic European Union, 26 of the border-free Schengen Area and 19 of the monetary union Eurozone. Among the smaller European organisations are the Nordic Council, the Benelux, the Baltic Assembly and the Visegrád Group.

As a continent, the economy of Europe is currently the largest on Earth and it is the richest region as measured by assets under management with over $32.7 trillion compared to North America's $27.1 trillion in 2008.

In 2009 Europe remained the wealthiest region. Its $37.1 trillion in assets under management represented one-third of the world's wealth. It was one of several regions where wealth surpassed its precrisis year-end peak.

As with other continents, Europe has a large variation of wealth among its countries. The richer states tend to be in the West, followed by Central Europeans, while some of the Eastern Europe economies are still emerging from the collapse of the Soviet Union and the breakup of Yugoslavia.

As a whole, Europe's GDP per capita is US$21,767 according to a 2016 International Monetary Fund assessment

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 the waterways connecting the Black Sea to the Mediterranean Sea.

27 European states are members of the politico-economic European Union, 26 of the border-free Schengen Area and 19 of the monetary union Eurozone. Among the smaller European organisations are the Nordic Council, the Benelux, the Baltic Assembly and the Visegrád Group.

As a continent, the economy of Europe is currently the largest on Earth and it is the richest region as measured by assets under management with over $32.7 trillion compared to North America's $27.1 trillion in 2008.

In 2009 Europe remained the wealthiest region. Its $37.1 trillion in assets under management represented one-third of the world's wealth. It was one of several regions where wealth surpassed its precrisis year-end peak.

As with other continents, Europe has a large variation of wealth among its countries. The richer states tend to be in the West, followed by Central Europeans, while some of the Eastern Europe economies are still emerging from the collapse of the Soviet Union and the breakup of Yugoslavia.

As a whole, Europe's GDP per capita is US$21,767 according to a 2016 International Monetary Fund assessment