The European Union, A Common Currency, The Brexit, And The Migrant Crisis From The Middle East

2249 Words May 18th, 2016 9 Pages
Introduction
The European Union was formed with many expectations. Despite closeness and similarities, the various nations of the European continent fought bitter wars for thousands of years within themselves. After the devastating World War II, finally everyone saw the light and decided to give a chance to a peaceful coexistence. However, the EU’s path has not been smooth. Many critical economic as well as political problems have emerged throughout the last decade, raising questions about its credibility.
Two primary questions need to be explored here,
1. What are the most serious challenges in front of the EU at present?
2. How are these problems going to affect the credibility of the EU?
In this essay, I argue that the EU has failed, given the controversial issues that arise at present, namely viability of the Euro as a common currency, the Brexit, and the migrant crisis from the Middle East.
Euro as a Common Currency
The viability of Euro as a common currency here will explicate the financial crisis in the Eurozone countries to prove that the EU has failed. Before World War II, doing trade across borders is difficult. Countries need to pay a fee to exchange currencies, before a tariff fee is then executed when trade between companies of two different countries are involved. This eventually had stifled the economic growth. After WWII has ended, the situation among the European countries is so dire that they have to call for a unification process in order to hasten the…
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