European Crisis
Pols 170
29 April 2013
The European Crisis
The article “Euro Crisis” explains in the detail the current economic problems that the European Union is struggling with. The article references highly educated professors and economists who help to explain some of the reasons why the European Union fell into this crisis. They also helped explain the possible outcomes of the recession in Europe, the way it affects the United States, and what actions should be taken in order to improve the current situation. This crisis has concerned economic experts and institutions worldwide. The problems faced are widespread, and improvement is coming slowly, and some would argue not at all.
Throughout the history of the European continent, Europe has been torn apart through disputes between countries on many different occasions. Whether it was due to nationalism, territory, or colonialism and expansion, it led to devastating wars. These types of conflicts have not only destroyed and torn apart countries but have slowed down the economic growth of Europe as a whole. In the 1950’s, European economists and policymakers saw economic integration as a way to end centuries of bloodshed. In order to prevent future conflicts and foster economic growth in Europe, countries started to cooperate with each other in ways that linked them economically; this was supposed to decrease the chances of future conflicts. In 1951, six countries gave up some sovereignty in order to create the European Economic Community (EEC) for these reasons. Over time, the thought of an “ever-deeper” bond between European countries evolved. In 1999, putting aside nationalistic differences and merging an economic and monetary union became possible through the creation of the European Union (EU). The EU opened up economic opportunities for participating countries by removing trade barriers, allowing free movements of goods, and permitting countries within the EU to borrow with lower tariffs. Initially, the EU
29 April 2013
The European Crisis
The article “Euro Crisis” explains in the detail the current economic problems that the European Union is struggling with. The article references highly educated professors and economists who help to explain some of the reasons why the European Union fell into this crisis. They also helped explain the possible outcomes of the recession in Europe, the way it affects the United States, and what actions should be taken in order to improve the current situation. This crisis has concerned economic experts and institutions worldwide. The problems faced are widespread, and improvement is coming slowly, and some would argue not at all.
Throughout the history of the European continent, Europe has been torn apart through disputes between countries on many different occasions. Whether it was due to nationalism, territory, or colonialism and expansion, it led to devastating wars. These types of conflicts have not only destroyed and torn apart countries but have slowed down the economic growth of Europe as a whole. In the 1950’s, European economists and policymakers saw economic integration as a way to end centuries of bloodshed. In order to prevent future conflicts and foster economic growth in Europe, countries started to cooperate with each other in ways that linked them economically; this was supposed to decrease the chances of future conflicts. In 1951, six countries gave up some sovereignty in order to create the European Economic Community (EEC) for these reasons. Over time, the thought of an “ever-deeper” bond between European countries evolved. In 1999, putting aside nationalistic differences and merging an economic and monetary union became possible through the creation of the European Union (EU). The EU opened up economic opportunities for participating countries by removing trade barriers, allowing free movements of goods, and permitting countries within the EU to borrow with lower tariffs. Initially, the EU