The European Union Essay

The European Union Essay

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After World War II, Europe needed a way to reconnect itself as a cohesive continent and find a character in itself. The creation of the European Union was a system to reunite Europe and help with its world identification. However, the EU has suffered setbacks to its formation – mostly economically. In 2009, the monetary policy failed due to the United States’ banking crisis in 2008. Also denoted to as the Eurozone crisis, the main question now is who and or what is to blame? The Maastricht Treaty, signed in 1992 by European leaders, set the ball rolling within the Eurozone crisis by establishing a common currency and creating a flawed setup. Together, these situations fashioned a detrimental European arrangement that countries continue to struggle to build itself after several years.
The Maastricht Treaty created the Economic Monetary Union – EMU for short. The EMU created the Euro, monetary policy, and the convergence criteria. The Euro is the common currency of the European Union. Not all countries use the Euro, but for the countries that succumbed to it, they suffer economic troubles. The original reason for a unified currency was created as an example of German commitment to unification. The secondary reasons for having the currency was for 1) trade to flow freely without currency exchanges between member states, 2) no changes in cost and revenue due to shifts, and 3) a type of “romance” of a United Europe. In addition to the united currency, Europe’s monetary policy was weakening in its own way. Monetary policy in Europe consists of interest rates that are coordinated by the population. This differs from the United States where the federal government takes control the monetary policy and interest rates. Finally, included in...


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... and currency. Debt restricting involves restructuring debts a country has in order to continue liquidity in the economy. Full Argentina involves basically cutting the currency till it is worthless and letting it build back up over time. As of now, the European Union has been following the revived European method involving building institutions in hopes of reconstructing the EU into a stable financial institution.
In conclusion, the Maastricht Treaty signed in accordance with the EU created an unstable economic situation. The euro and flawed setup encouraged the downfall of each individual country’s economy. The European Union’s progress in restructuring itself still continues to have bumps in the road to a stable economic structure, but with time and continued effort from leaders, policies will be strong be able to withstand any future situations that come its way.

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