Recovering From Crisis : The Current State Of The European Union

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Recovering from Crisis? The Current State of the European Union.


In 1957, the signatories to the Treaty of Rome, pledged to create ‘an ever closer union’, ‘to promote throughout the Community a harmonious development of economic activities, a continuous and balanced expansion, an increase in stability, an accelerated raising of the standard of living and closer relations between the States belonging to it’. However, in the wake of the financial crisis of 2008, the European Sovereign Debt Crisis revealed fundamental flaws within the European Union (EU) and the Eurozone. Such flaws stand to threaten the current and future prosperity of the EU and have instigated a climate of economically constructed political hostility.
The aim of this essay is to provide a framework for uncovering the current state of the EU. Firstly, it is important to briefly summarise how the sovereign debt crisis manifested inherent structural flaws within the European Union. From this point it will be argued that the debt crisis can be used as a platform for deeper integration in that the inherent design features that plagued the Union can now be recognised and perhaps transformed. Secondly, it will be argued that the debt crisis has exacerbated the division between the creditor countries of Northern Europe and the debtor countries of southern Europe. A climate of ‘us and them’ has certainly manifested across Europe, which raises concern to nationally elected representatives of the
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