The Tragedy of the European Union and How to Resolve It George Soros, New York Review of Books In this article, Soros describes the history of the euro, explains the current crisis, and proposes possible remedies. He begins with the integration of the euro zone and emphasizes the errors in this process. The stability of […]
I thought it would be good to start with the timeline of the Euro Zone crisis. What were the key points on the timeline that brought us up to where we are today? Well you probably have to go back to, in a way, 1992 and the crisis of the exchange rate mechanism that was […]
Can you explain for us the origins of the European debt crisis? Well, the origins of the European debt crisis are multiple. The proximate cause was that recently many countries have had a large increase in budget deficits, and their stocks have plummeted to levels that are unsustainable. In some countries, this was due to […]
In 2004, Greece admitted that it gave misleading financial information to gain admission into the Eurozone. Wilkinson, Peter and Irene Chapple. “The Rise and Fall of the Euro.” CNN Money. January 13, 2012. Accessed: January 21, 2012. In 2011, investors in global stock markets lost $6.3 trillion in wealth mainly due to fears of a […]
Austerity is a policy of deficit-cutting by lowering spending via a reduction in the amount of benefits and public services provided. Bretton Woods is an agreement signed in 1944 that outlined rules and regulations for an international monetary system. The agreement established a fixed exchange rate linked to the U.S. dollar, created the International Monetary […]
