The Economic Crisis in Eurozone

529 Words2 Pages
With the impending Presidential election consuming the American news cycle, major media outlets and the general public alike have neglected a growing crisis within one of the world's most important centers of commerce and culture. Despite the domestic rancor over stimulus packages, runaway debt and rampant unemployment which has inspired fierce political debate here in America, the fact remains that many European countries have borne the brunt of the global recession currently decimating national economies. The so called Euro Zone, a consortium of 17 neighboring nations which belong to the European Union (EU) and have adopted the Euro as their common currency, has experienced unimaginable financial disarray during the last decade. In the modern age of globalized economic structures, the increasing instability emanating from European markets is now threatening to spread to Asia, America and around the world. Initially envisioned as a confederation of member states collaborating together for mutual benefit, the EU and its 27 member nations established a single integrated market with the goal of facilitating trade and international commerce. With the introduction of the Euro across the Eurozone, this monetary system has proven to be unsustainable given the region's traditional reliance on entitlement programs and social assistance. With federal budgets stretched to their limit, "the debt crisis has already spread through Greece, Ireland and Portugal, all of which have
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