The European Union And Euro Crisis: The EU And Euro Crisis

The EU and Euro Crisis
The European Union, otherwise known as EU, is a powerful association of 28 countries geographically located in Europe. The union is reflected in terms of political and economic union of the member countries, influencing not only the countries in Europe but the rest of the world in this day of inter-dependent economic relationship. The 28 members of the EU are Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and United Kingdom.

With around 500 million populations among its member nations, EU stands as one of the largest union with the aim of ensuring free movement of people, goods, services and capital. The staggering number of people using one standard monetary value; the Euro, showcases the impact and influence EU has in the global market scenario. The dissolving political and economic boundaries between the European Union nations sparked the argument that EU was taking over the U.S. as the top economy of the world. However, the reality struck in an opposite way. With economic and political powerhouse like Germany, UK as its members, several other EU member countries continuously kept on piling up the debts for their own use. With low interest rate and the powerful influence and creditworthiness of big-name European countries, the loans kept on flowing. The spending far out-weighted the financial capabilities of some of the European Nations; resulting in the faultiness of the whole EU as an organization and union. And when the debts could not be paid back, it resulted in crisis for the whole union.


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...Australian tourism.

Located in a distance of about 14109.29 kilometers ( away from Europe, Australia was thought to be safe from the Euro crisis concerning tourism. Many experts earlier voiced this as a matter-of-fact. However, the cultural impact of the crisis could not be concluded with just the geographical distance. As crisis hit the euro nations, impact on cultural tourism was huge. According to Council of Europe, “Eurobarometer reported fewer travels away from Europe…..Furthermore; figures signal a slight positive tilt towards culture in the motivation of travellers…” As the crisis deepened and the Australian dollar value appreciated against the Euro, the Europeans cut down their budget to travel to Australia, many opting for domestic holiday travel plans, thus decreasing the number of tourist in Australia, affecting the tourism industry.

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