Greek Debacle Essay

2799 WordsNov 28, 201112 Pages
“Technology has changed, the height of humans has changed, and fashions have changed. Yet the ability of governments and investors to delude themselves, giving rise to periodic bouts of euphoria that usually end in tears, seems to have remained a constant,” ----Carmen Reinhart and Kenneth Rogoff EXECUTIVE SUMMARY: This article revolves around an exploration as to what were the consequences that had led to the current shape of the European Union and tries to answer the question “Will EU survive the second decade of the new millennium?” It would go through the way EU is concerned with the restructuring of new Europe and of the global political economy. The theme relates to the contemporary challenges that the European Union faces with regards to the recent financial crisis and the policies and measures undertaken thereafter. Cause and costs of the cataclysm have been analyzed and what the future might have in store for the EU has been commented upon. During the course of this article we’ll see how the EU, formed to bring about economic integration and interdependence amongst states to curb nationalism, has come a long way. We would see the euro, introduction of which was done to bring about integration and cross-border trade has added to the woes currently faced by the EU. Towards the end few recommendations, followed by the way ahead for the union has been cited. If we shall get , in Nicolas Sarkozy words , “a two-speed Europe or two Europes”, is for the time to tell, all we can do is predict and pray in the best spirits, for the union’s survival. EUROPEAN UNION, AS WE KNOW IT The European Union (EU), as evident from the name itself, is a political and economic union of 27 independent European nations. Set up as an after effect of World War II, EU’s main aim was to provide peace, stability and security to its people along with promoting both economic and

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