European Union

Topics: European Union, Europe, Eurozone Pages: 2 (600 words) Published: April 14, 2013
The European Union; a curse or a blessing?
The European Union started in 1951 with the collaboration of six countries to pool the steel and coal resources of its member-states under the name ‘European Coal and Steel Community’. This formation evolved into what is now the largest free-trade zone in the world with 27 countries using a single market. The European Union has caused growth and power for Europe and convenience for its citizens, but it also always had its share of criticism. For this essay the following statement is discussed: "The creation of the European Union was a bad idea, and the EU should be abandoned to prevent the financial crisis from getting worse." This essay will clarify why this stand should be objected. Let’s begin by saying that the European Union is flawed and is in no way perfect. This essay is not meant to sketch an untrue illustration about the European Union, but rather to clarify why it would be impractical and unreasonable to abandon the European Union. The financial crisis in Greece put a great amount of pressure on the European Union. The huge debt and the deficit management has caused for the country to go bankrupt, which means that the European Union needed to step in and help Greece out. Needless to say, this left a poor impact on Europe and the credibility of the euro. With the same financial disasters lurking for countries like Portugal and the Republic of Ireland, many experts fear this would further damage the euro's reputation and could lead to a substantial fall against other key currencies. Admittedly, the European Union made several mistakes with the euro. The launch of the euro caused for inflation in many of the countries it was introduced in, which made people feel poorer as a result. Another flaw of the euro is its one-size-fits-all monetary policy which means that a single interest rate is used in the entire Eurozone. However, with this policy the different economies, regulations and paces of a country are...
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