The left-hand panel of the first diagram (Exhibit 1) exhibits the ranking of fourteen member states of the European Union with respect to the economic freedom prevailing in the country and perceived life satisfaction of its citizens. The sample includes eleven members of the euro area (EU12 except Luxemburg) plus Denmark, Sweden and the United Kingdom.
The further to the right the country is located in the diagram the greater is the economic freedom enjoyed by the citizens and businesses of the country.