Taking a Look at the Euro-Zone

1150 WordsFeb 19, 20185 Pages
The European Union was born after the disastrous effects of two world wars with the idea to merge Europeans states into a single unity. Along with the purpose to bring economic and political partnership to bring peace and prosperity on the European continent. It now includes 28 European states as of this point. From this union, 17 members sought closer economic ties as well as monetary cohesiveness resulting in the formation of the Euro-Zone within the European Union. The Euro-Zone formed a single currency known as the euro that circulated among the 17 members. In addition, the citizens within the Euro-Zone may travel freely if they wish such as for going to work or simply on vacation without needing to be bogged down with passports or visas within the members of the Euro-Zone. Furthermore, this experiment has turned the Euro-Zone into an economic powerhouse for 60 years along with producing the world’s second highest GDP within the world economy; However, until recently this had not been the case. The Euro-Zone has a high probability of collapsing because of the debt crisis, the rise in nationalism, and finally Germany’s national interest that will lead ultimately to the Euro-Zones downfall. The Debt Crisis was the result of the euro currency failing in the Euro-Zone members of Greece, Spain, Ireland, Portugal, and Italy. This outcome came to fruition by these five members in the Euro-Zone abusing their fiscal policies. These fiscal policies controlled how much a government

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