The Unified Monetary Policy Has Been Considered As The Most Impressive Step Into The Practical Europeanisation

As the EU includes 27 states therefore they would inevitably face difficulties due to the diverse range of national interests. On the other hand increasing numbers of policies are decided on a supranational level and therefore speed the process, for example decisions relating to trade or agriculture. However vital policies such as Defence remain intergovernmental, as do decisions such as the accession of new states. The effect of recent economic crisis has made an impact on the creation of EU superstate. The global downturn, which originated in 2007 created the ‘Eurozone’ crisis. As a result EU bailouts have been organized for Greece, Ireland and Portugal. The fear of the crisis extending further across Europe has caused a loss of confidence in the EU, and in particular the euro. There has even been speculation that Greece may have to exit the ‘Eurozone’. Alternatively it has also caused some to call for further integration, arguing the crisis has shown the need for tighter budget rules throughout the EU.

Marsh gives interesting arguments developing the various reasons by which the crises is in place and some solutions like producing a political union for all members and breaking deals among creditors and debtors despite thinking the EU is not currently led strongly or cohesively enough to achieve them.

In 1992, twelve countries came together and signed the Maastricht Treaty creating the European Union (Krajewska, 2014, pp. 6-25). The last obstacle that the EU had to face was the different currencies of each country, therefore a decade later on January 1, 1999 the Euro was created. Many countries that adopted the new currency fell within the Euro Area. Each country had to discontinue their old currency and the monetary policies giving control the newly formed European Central Bank (ECB), but each separate country still had their own fiscal policies one of the key reasons for the current debt crisis (Krajewska, 2014, pp. 6-25). The union of multiple countries into a central body seemed to be a wise choice for greater economic growth, but the failure from one country is a failure for all.

After the long awaited single currency implementation known as the euro, there have been many ups and downs to this monetary system. Many have been quick to criticize while others still praise its value claiming it will soon be valued strongly against the dollar. Our paper looks into the various aspects of the euro and the progress it has made since its initiation. We begin with a brief history of the euro then move on by raising some questions concerning the effects of the euro on various economic aspects such as competition and global financial institutions. We then provide insight to the various strengths and weaknesses of the euro and the implications this currency has on various institutions such as banks.

Discuss whether the concepts of accountability, representation and control can help explain the Euro crisis. Use course materials in your answer.

The Eurozone, the economic and monetary union of 19 of the 27 member countries of the European Union, is far from excellent health. At the root of its multi-causal ailment is the Euro, one of the grander experiments in economics in modern history. The Euro sought to be the cornerstone of the multi decade campaign for the full unification of Europe in the ruble of World War II. Politicians conveyed magnificent ideals of full economic and

The member states of EMU (European Economic and Monetary Union) are bonded in single currency, Euro. They must have a different way of decision making in economic policies.

Nevertheless, the region continues to demonstrate that it can and will resolve each successive stage of the crisis by cooperating as well as sharing decision-making powers. In addition, the members of the union have been on the forefront in the generation of continent-wide institutions as well as building of substantial financial firewall to prevent debt problems from spreading. The region is creating a banking union and efficiency partial fiscal union. From this perspective, the common currency and the entire project of European integration will survive as well

This section contains a summary of the article, The Euro Area Crisis Management Framework: Consequences for Convergence and Institutional Follow-Ups by Ansgar Belke, in the Journal of Economic Integration, published in December 2011, pages 1 – 33. The main thesis, methodology of the report, results/findings and the final conclusion and recommendations of the articles will be addressed below.

The European Union launched the economic and monetary union (EMU) of Europe on January 1st, 1999. January 1st of 2002 marked the establishment of a single currency through the introduction of euro bills and coins to 12 EU states. Formally called the “eurozone”, the movement to a single currency has developed as 18 EU member states currently use the euro. Desiring further political integration, the EMU was designed to maintain price stability through a central bank known as the European Central Bank (ECB). Although economic certainty was the goal, a financial crisis that erupted within the eurozone lead to questions about the credibility of the EMU. The debate over political integration was furthered by the introduction of ideas for increased fiscal federalism, similar to the current policies within the United States currency union. For a monetary union to succeed, a fiscal union is necessary to solve the vulnerabilities of the EMU and supervise national policy to prevent macroeconomic imbalances throughout Europe. However, the dispute over political centralization impedes the establishment of such a fiscal system within the upcoming decade.

This essay will focus on the institutions in European Union. In the first, second and third section ,It provides details about the roles and compositions of the Council of Ministers , the European Commission , the European Court of Justice (ECJ).In the fourth section, it will illustrate the impacts on the national law of EU member states by the decisions from European Court of Justice.

An introduction of the new common currency in the Europe was announced on the first day of January 1999. At the first time, there were eleven countries, which decided to join the European Union (EU) and replace their own currency with a new one, the Euro. The Euro has been adopted as a official currency of the country members including Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Portugal and Spain. In order to be accepted to join the Euro, these countries had to agree with the agreement about the price stability, long-term interest rate, government budget deficits, total

The roadmap of making it a hub of free market economy was fostered by the launch of a single currency across the region ‘EURO’, currently the common currency of 19 states out of 28 EU member states creating a ‘EURO Zone’. Also, simultaneously it created Economic and Monetary Union (EMU) maintaining a uniform monetary policy in EURO Zone. However, EMU is not a single institution, its main actors are ("Economic and Monetary Union - European Commission", 2016):

The European Union was created by the idea and hope for unity and integrity. However, as it enlarges to 28 countries, many problems arise. The Union 's inability to find its place in the divided and dynamical modern world leads to it having more of a supportive role to greater powers as Russia and the US. The countries within it are severely divided and unable to reach a common strategy concerning major issues and if they not resolve this lack of coherence, the EU risks to be pushed in the sidelines and to lose its international reputation as a consolidated unity.

This essay’s main argument is that the Europe 2020 strategy is inadequate because it is too ambitious, and consequently, this makes it difficult to implement it effectively among the member states. This essay is divided into four parts: first, it will provide an overview of the Lisbon strategy and its limits and consequently, the need for a more enhanced strategy in Europe 2020 which would ideally be better equipped to tackle the effects of the global financial crisis in Europe. Second, it will discuss in more detail the objectives of Europe 2020 in the context of the global financial crisis and how it sought to manage the effects of the crisis through proposals and economic governance mechanisms. Third, it will examine the weaknesses of the Europe 2020 strategy in terms of achieving the targets that it has set out. Finally, it