Will the European Union Survive? Essay

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"Europe must prevent Greece from becoming an out-and-out catastrophe and make sure that the same fiscal 'remedy' is not applied to other weak economies" -- Franziska Brantner

“There are three kinds of people: the have's, the have-not's and the have-not-paid-for-what-they-have's” -- Earl Wilson

Today, the world faces another economic crisis in the Eurozone. This crisis exists because too many people are consuming more than they are producing. In other words, the have not paid for what they have. Admittedly, Euro skeptics had always been apprehensive of a similar situation because of the obvious differences in the economies of all member nations that decided to share a singe currency. It seemed rather imprudent of the Union to bank on
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It is being forced to choose between its interests (maintaining the financial stability of the Euro) and playing the hero to save the world by taking this particular bullet which may still hit the global economy since Euro is the second largest reserve currency of the world. The urgency of the situation is better explained by George Osborne “ We have got weeks not months for the Eurozone to take action. ”. so even though it is rather unfair, the European Union is being blamed for not finding a quicker solution to the problem. However in order to conclude whether EU has failed to devise a solution for the debt crisis, its limitations applied by its economic policies and the support it receives from the other two parties involved must be analyzed.

The time line of the Eurozone crisis implies that European Union must take an effective measure to stop the monster it let grow. Monetary analysts suggest that it all started with the emergence of the Euro. On 1st January 1999, the dream of several European politicians finally came true, as Euro was declared an official electronic currency for several members of the European Union. It was made practical from 1st January 2002, when critics just seemed to demoralize a new ideology in world banking. By 2008, the Euro seemed to be growing strong enough for more member nations to join in. In fact, the members agreed on a 200 billion euro stimulus to guard themselves from being affected by the

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