This is the 614th most frequent Slovenian word.
evropskega
"Evropskega" means "of European" in English.
The word 'evropskega' is used here to describe the noun 'gospodarstva' (economy), implying possession or association with Europe, and it is in the genitive case.
Velikost evropskega gospodarstva je ogromna.
The size of the European economy is enormous.
In this example, 'evropskega' modifies the noun 'trga' (market), referring to a specific market pertaining to Europe and being in the genitive case.
Poslušal sem poročilo o stanju evropskega trga.
I listened to the report on the state of the European market.
The word 'evropskega' functions as an attribute of 'sveta' (council), indicating its European affiliation, and takes the genitive form as required by the context.