Euro-Zone Crisis and Its Impact on India
Euro-Zone crisis and its impact on the Indian Economy
EUROPEAN UNION
“The European Union (EU) is an economic and political entity and confederation[1][2] of 27 member states which are located primarily in Europe.”
“Austria, Belgium, Bulgaria, Cyprus,CzechRepublic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg,Malta,the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.[3] The Union 's membership has grown from the original six founding states—Belgium, France, (then-West) Germany, Italy, Luxembourg and the Netherlands—to the present-day 27 by successive enlargements as countries acceded to the treaties and by doing so, pooled their sovereignty in exchange for representation in the institutions.”[4]
“EU policies aim to ensure the free movement of people, goods, services, and capital,[5] enact legislation in justice and home affairs, and maintain common policies on trade,[6] agriculture,[7] fisheries and regional development.”[8]
THE EUROPEAN SOVEREIGN DEBT CRISIS
“The European sovereign debt crisis resulted from a combination of complex factors, including the globalization of finance; easy credit conditions during the 2002–2008 period that encouraged high-risk lending and borrowing practices; the 2007–2012 global financial crisis; international trade imbalances; real-estate bubbles that have since burst; the 2008–2012 global recession; fiscal policy choices related to government revenues and expenses; and approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.” [9][10]
“In the early mid-2000s, Greece 's economy was one of the fastest growing in the euro-zone and was associated with a large structural deficit.”[11] As the world economy was hit by the global financial crisis in the late 2000s, Greece was hit especially hard because its main industries — shipping
EUROPEAN UNION
“The European Union (EU) is an economic and political entity and confederation[1][2] of 27 member states which are located primarily in Europe.”
“Austria, Belgium, Bulgaria, Cyprus,CzechRepublic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg,Malta,the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.[3] The Union 's membership has grown from the original six founding states—Belgium, France, (then-West) Germany, Italy, Luxembourg and the Netherlands—to the present-day 27 by successive enlargements as countries acceded to the treaties and by doing so, pooled their sovereignty in exchange for representation in the institutions.”[4]
“EU policies aim to ensure the free movement of people, goods, services, and capital,[5] enact legislation in justice and home affairs, and maintain common policies on trade,[6] agriculture,[7] fisheries and regional development.”[8]
THE EUROPEAN SOVEREIGN DEBT CRISIS
“The European sovereign debt crisis resulted from a combination of complex factors, including the globalization of finance; easy credit conditions during the 2002–2008 period that encouraged high-risk lending and borrowing practices; the 2007–2012 global financial crisis; international trade imbalances; real-estate bubbles that have since burst; the 2008–2012 global recession; fiscal policy choices related to government revenues and expenses; and approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.” [9][10]
“In the early mid-2000s, Greece 's economy was one of the fastest growing in the euro-zone and was associated with a large structural deficit.”[11] As the world economy was hit by the global financial crisis in the late 2000s, Greece was hit especially hard because its main industries — shipping
References: 1. Burgess, Michael (2000). Federalism and European union: The building of Europe, 1950 – 2000. Routledge 2 9. "Greeks to vote on 4 October". RFI. 2009-09-03 10