How The Eurozone Crisis And Euroscepticism Have Ended The Enlargement Dream
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Torey Beth Jackson
Policies & Development in the European Union
Prof. Barry Brunt
“No Future for Enlargement: How the Eurozone crisis and Euroscepticism have ended the enlargement dream”
While the European Union has recently expanded to welcome Croatia in 2013 and seven more countries ranging from Iceland to Turkey to Montenegro have applied for accession , my paper argues that the European Union will not expand due to the effects and legacy of the 2008-2009 Eurozone crisis as well as the unfettered growth of Euroscepticism and right-wing parties.
The Creation of the Eurozone The Eurozone was created in 1999, and first became the currency of eleven members of the European Union: Belgium, Germany, the Netherlands,…show more content… Adoption of the Euro is directly related to the idea of the Economic and Monetary Union (EMU), which is a single, highly integrated economic market. The EMU was created in 1992 through the Maastricht Treaty in order to create the single market with a single currency, the Euro, and the EMU is defined by close economic policy creation between the members who fit the criteria. In order to join the EMU and adopt the Euro, a country must meet stringent economic requirements demonstrating its stability, including a low inflation rate, good exchange rate policies, and general fiscal rectitude. The European Central Bank manages the EMU and the Euro, and while member states have their own fiscal policy independence, member states of the Eurozone agree to set of best practices for fiscal policy under the Stability and Growth Pact. The success of the EMU hinges on coordination of policies and ideas between its member states. While the European Union states that the Eurozone is beneficial due to its unified market and currency policy guaranteed by stringent controls and stability from the European Central Bank, the Eurozone crisis of 2009 proved to be distatrous in both Europe and globally.
The Eurozone Crisis While the monetary union provided a seemingly rational model for economic stability for all member nations, this vision came to a grinding halt with the European financial crisis beginning in 2008. The Eurozone crisis began as most