The Euro, a currency as well as a political strategy. When first created it was hailed as one of the most ambitious and successful examples of international cooperation in history, bringing together a large number of various European countries. The idea behind the Eurozone is that if nations are able to come together to trade and share their institutions then they will be less likely to go to war. This idea was born in the aftermath of World War two and cooperation rather than confrontation was a central idea among the top European leaders. While this sounds like an exceptional idea, there have been many complications throughout the years for the Eurozone. With so many countries of different economic size and background it is exceedingly difficult for a shared currency to thrive. Countries such as Greece …show more content…
Countries like Greece, Ireland and Portugal would break off from the Eurozone and begin to once again use their own currencies while the rest of the Eurozone would continue to use one currency. If these countries were to reintroduce their own currencies then devalue them they would be able boost their economic growth and slowly start to rebuild their economies; bringing stability back to their people. As with every solution there is a downside. While this solution gives smaller countries who choose to leave a fighting chance to restore their economies, they could potentially face further economic collapse which would in turn affect Europe’s banks, since they own these countries debts. “Since the Maastricht Treaty provides no way for a member of the eurozone to leave, there is the risk that the other eurozone members would punish Greece…” (Feldstein) The Eurozone was meant to act as a political unifier and should a country choose to leave, there could be significant consequences such as the loss of free trade and labor mobility, both of which are offered by the