Globalization And The European Union

1685 Words7 Pages
There are in some areas of globalization that can cause drawbacks, which were made prevalent with the European Union. The main drawback within the European Union was its economy. If one country within the organization were to have economic crisis then that country would affect all other country members. This was made clear in 2010 with the economic crisis presented in Greece. Many other countries within the Union were left to bail out the Greece economy; which in turn, hurt their own economies. The situation with Greece and the other European Union members is still a current issue; however, Union members say that they will continue to contribute to struggling economies. The world will continue to globalize businesses, economies, and…show more content…
As of 2012, only seventeen of members of the European Union have decided to use Euros as their currency. In order for the members that adopted the Euro as their currency to successfully help their economic problems, the Eurozone members had to follow strict instructions put into place the European Union. The strict policies included strict control over inflation, government debt, and long-term interest rates (Mckee 525). The union put these strict policies into place to give the union the tools that it needed to take in order to help fix the economic crisis in each country participating in the Eurozone. Without the full cooperation of each country, it could cause the plans to fix the economic crisis within each country to fail because of the different interests by each individual country. Addressing some issues, the European Union decided to issue 750 million Euros in order to start the process of financial stability for the whole union (Mckee 524). Over time, the union learned that that the amount of money was not enough in order to help each countries’ individual financial crisis. As of now, the union has to increase the amount of money they are feeding to countries in hopes of fixing the economic issues. The continuing issue with the European Union’s economic plans is finding the money to keep funding countries with low economic growth. Furthermore, the union also has to figure out how to deal with the issues that are outside of the European Union’s borders. In
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