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European Debt - Financial Crisis

As for the European debt crisis, it is the recent event concerning the financial side that had affected lots of different world countries. There are 17 countries in which the Euro has been implemented as the common currency. Of course, there are also 10 European countries which are the part of the zone of Europe, but they don’t use the Euro as the national currency. This crisis was preceded by the global and impacted financial downturn which sourced the economies during 2008 and 2009 years.

The debt has been accumulated by Europe and also this Union has been struggling with paying their debts back. Of course, it leads to the financial crisis which we could mention. This crisis was driven by the excessive debt and the needs for a lot of bailouts of the government. Such kind of the debt has damaged the currency of Europe and pushed the lots of nations into the recession. Of course, it led to the widespread poverty and the high rate of unemployment. Local governments of the European countries have been trying to cut spending and raising the taxes but it has also led to the lots of riots and protests. When this growth slows, the tax revenue makes the high budget to be unsustainable.

It is said that some experts say that the economic woes of Europe are holding back the economic recovery in the United States of America by the undermining the consumer confidence, investments and exports and that American government has to do more for helping Europe in fixing its problems. These experts also said that if those on the Atlantic have the trouble with finance, it would affect immediately those on the other side. After the United States of America had taken the measures for recovering from the 2008 financial crash, the United States are still affected by the European problems with its banks.

So the question is what does lead the Europe to think about the common currency? For lots of the years there was the push for European countries to have the monetary policy, and for the countries, it was appropriate to have the common currency. It was the year 1960, after which the EU has been trying to implement the Euro. As stated in the certain books written by experts, the adoption of the Euro subjects all the participating countries for having the same monetary policy. As for the European Central Bank, it is responsible for setting the monetary policy for all the countries which participate in this system with the common currency.

As for the European debt crisis, it is the recent event concerning the financial side that had affected lots of different world countries. There are 17 countries in which the Euro has been implemented as the common currency. Of course, there are also 10 European countries which are the part of the zone of Europe, but they don’t use the Euro as the national currency.

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Assignment ID
100003742
Discipline
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CREATED ON
14 January 2017
COMPLETED ON
17 January 2017
Price
$46
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Essay Example Comments
vsteele05171
21 July 2018
vsteele05171
Timely !!! thank you
user630751
18 July 2018
user630751
Listened to feedback great!
user642848
18 July 2018
user642848
I like it good job