ipl-logo

The Pros And Cons Of The Eurozone

1528 Words7 Pages
bulb-icon

Recommended: The pros and cons of the european union

The Eurozone is a powerful entity in European politics which controls the monetary policy of nineteen countries within the European Union. It was first created in 1999 as an enactment of the single currency goal laid out in the Maastricht Treaty. Since its inception- and particularly exacerbated by the Eurozone crisis- there has been considerable talk of extending its capabilities to that of a political and fiscal union by turning it into a federal polity; though further Eurozone integration is a strong possibility in the future, in its current form further integration would result in disaster. The negative effects of integration would outweigh the possible benefits, with detriments such as undependable fiscal responses to economic downturn, …show more content…

It simply is not in the best interest of both the countries involved, and the citizens thereof to integrate further at this time. It is debatable whether more complete integration would fix the problems integrationists claim it will, and it is important to note that the Eurozone has already shown an inability to handle the responsibilities already place upon it. The creation of a federal polity would also gimp the decision-making powers of the European parliament by removing the relative national impartiality that it currently benefits from; the parliament would also suffer from a related yet different problem of pitting the Eurozone members against the non-member states on sensitive issues by creating unified voting blocs on certain fiscal and political related issues. Finally, and most importantly, it would not be supported by the citizens and countries that make it up. It is easy to paint a wholistic picture of benefits, but on an individual level it is hard to get groups on board with it, and already significant backlash has been had about previous integration. Integration for integration’s sake is not real progress, and the Eurozone needs to commit to only moving as fast as the people will let it; pushing to far and too fast will only breed negativity and contempt, and will actually hurt the Eurozone’s position and standing in the long run. A fiscal and political union is not an impossibility at some indeterminate point in the future, but it is at this time in the European Union and Eurozones’

Show More
Related

Western Europe Dbq Analysis

908 Words | 4 Pages

At the end of World War II, Western European powers sought political stability after a period of turmoil and devastation. Germany was divided into two spheres of influence: East Germany, controlled by the Soviet Union, and West Germany, controlled by the Allies. Western Europe attempted to unify in the post-war economy, and various views arose regarding this potential unity. The unification of Western Europe was met with opinions that were largely motivated by a nation’s own economic and political interests.

Read More

European Union Dbq Essay

1022 Words | 5 Pages

The European Union is currently undergoing economic struggles within its countries. Since joining the EU, Greece’s

Read More

Federalist 10 Summary

1223 Words | 5 Pages

Hamilton believes this European notion can shake inter-state relations and prevent blossoming economic growth. Through the establishment of a union, Hamilton writes, “we may counteract a policy so unfriendly in a variety of ways.” A union has the potential to lead foreign countries to bid for privileges to to American markets, create a federal navy, become a force in European politics, and foster greater unity among states, mentioning “A unity of commercial, as well as political, interests, can only result from a unity of government.” In unity, European countries are forced to negotiate with the country as a whole instead of individual

Read More

King Benito Mussolini Research Paper

762 Words | 4 Pages

From its inception, its main purpose was to defend each other from the possibility of communist Soviet Union taking control of their nation.” The European Union consisted of 28 member countries, joined together by unified trade and monetary currency. It was created to provide European nations a more competitive position in the global marketplace. The constant challenge remained of balancing the member countries’ political and financial

Read More

Division Of Labor: Difference Between Sacred And Secular Societies

1793 Words | 8 Pages

As professor Magagna stated on 26th January 2015 about left-right polarization of European, their political stance have to follow their movement since they are subordinate to the state and depend on their resources. Their permeant position will not harm themselves, but destroy the flexibility. The advantages of centralization must be weighed against the cost for the division of

Read More

The Pros And Cons Of The EU Contract Law

289 Words | 2 Pages

The principle institutions of the EU are the EU Commission- this is the man legislative organ of the community, the Council, the European Parliament and the European Court of Justice (ECJ). The fourth source of law is an external source- The Human Rights Act 1998 (the HRA 1998) came into effect in Oct 2000.

Read More

Sovereign Debt Crisis Essay

750 Words | 3 Pages

The European sovereign debt crisis occurred during a period of time in which several European countries faced the collapse of financial institutions and high government debt. The crisis started in 2008, with the collapse of Iceland's banking system, and spread to Greece, Ireland and Portugal during 2009. They were unable to repay their government debt, or bail out their banks without the assistance of third-party financial institutions such as the European Central Bank, the International Monetary Fund and the European Financial Stability Facility. This essay will aim to discuss some of the major contributing factors that caused the sovereign debt crisis and how regulation and government intervention is essential in solving the sovereign debt crisis.

Read More

Advantages And Disadvantages Of The Eurozone

1332 Words | 6 Pages

The Eurozone took shape in 1998, when eleven of the EU member nations met

Read More

Eurozone Persuasive Essay

1027 Words | 5 Pages

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.

Read More

The Pros And Cons Of The Maastricht Treaty

1376 Words | 6 Pages

.5 MAASTRICHT TREATY The Maastricht Treaty, marked in 1992 and authoritatively known as the Treaty on European Union (TEU), presented a few imperative increments and alterations to the Treaty of Rome and flagged a progress in European combination rose to just by the 1986 Single European Act. Its focal elements were the consolidation of EMU into the Treaty of Rome and the foundation of the European Union by the expansion of two new fields of approach co-operation: the Common Foreign and Security Policy (CFSP) and Justice and Home Affairs (JHA). These new zones were figured as intergovernmental commitments, instead of obligations of the Community 's supranational affiliations, a game-plan which was to a confined degree balanced in this way in the 1997 Treaty of Amsterdam, where the Community was given to a more prominent degree a section in giving methodology rules and certain parts of JHA were traded to go under the expertise of the Commission and the Court of Justice.

Read More

What Are The Challenges To European Integration

1563 Words | 7 Pages

Introduction Although European integration from mid 1940s has continuously forged a wide spectrum of unity among European states, the integration carries three institutional challenges towards the states. First, democratic legitimacy and sovereignty of European states are constrained due to political integration. As parliamentary sovereignty of a national parliament is contested by transfer of powers and the European Court of Justice (ECJ), its parliamentary supremacy diminishes. Second, a national government faces constant challenges from conflicting interests between the European Union (EU) and national governments over EU’s common policy.

Read More

European Union Swot Analysis

1094 Words | 5 Pages

The EU is a supranational organisation, in other words more than one country is involved in it and that it has greater authority than any single country within it. European governments that choose to be members of the EU make an important decision to give up some of their national sovereignty and to agree on policies in social, political and economic matters which are of common interest (Perisic, 2010:2). In other words, member states’ national policies and laws are equally bound by the EU institutions, norms and regulations. Some member states seem to be better integrated than others.

Read More

The Pros And Cons Of European Integration

755 Words | 4 Pages

Where do the Western Balkan countries stand concerning European integration? This question coming after a prolonged period of engagement and expectation of Balkan countries to become EU members and facing the rising risks of Euro sceptics and Radicals, takes a special focus on public and political debates. On May 9th of each year, besides marking the anniversary of Schuman's Historical Declaration is also a reminder to celebrate peace and unity in Europe.

Read More

Globalization And Nations

1615 Words | 7 Pages

The European Union is a strong force to reckon with, mainly because of the vast amount of resources it controls. The EU has put in place institutions and policy-making powers to react to or shape economic conditions on the continent. The adoption of the euro and the monetary union further impart strength to this international alliance of powerful countries. Many scholars have suggested parallels between the EU and other international organizations like the UN. They claim that these organizations will make the world converge into a state much like the European Union.

Read More

Functionalism In International Relations

1262 Words | 6 Pages

The post-world war era created an atmosphere of caution regarding individual states in an international system dominated by realist rationale. Thus, based on functionalist principles it was believed that a United Europe was a more acceptable and viable alternative. It was believed that the international system would be more functional with organizations directed at collectively addressing functional needs rather than the realist orientation of each State for itself. This, however, did not materialize until the formation of the European Union (EU) in 1958 and arose out of the functionalist school of thought.

Read More

More about The Pros And Cons Of The Eurozone

Related Topics

Open Document