European Union : A Common Currency, The, And The Migrant Crisis From The Middle East

1749 Words May 15th, 2016 7 Pages
European Union was formed with many expectations. Despite closeness and similarities, the various nations of the European continent fought bitter wars for thousands of years within themselves. After the devastating World War II, finally everyone saw the light and decided to give a chance to peaceful coexistence. However, EU’s path hasn’t been smooth. Many critical economic as well as political problems have emerged throughout the last decade, raising questions about its credibility.
In that, I believe that the EU has not failed, given the controversial issues that rise at present, namely viability of the Euro as a common currency, the Brexit, and the migrant crisis from the Middle East.
Eurozone Crisis
Although Eurozone wants to be seen as one homogenous region, it is far from the truth. While major economies within the continent such as Germany are still going strong, smaller economies such as Greece, Cyprus and Ireland are facing a crisis and most of them are buried neck-deep in debts of various kind1. Since there are diverse types of economies within the Europe, it is hard to come up with a singular explanation for the situation. Overall, the slowing or non-existent growth in some of these countries has made the experts to opine that there are systematic obstacles to the industry in these countries. Due to various stifling regulations, bureaucracy, and welfare’s labour laws, setting up a business is very hard in the countries that are suffering now2. The situation is…
Open Document