Eurozone fiscal problems
It is unfortunate that the financial problem emerged in the euro area and in some way affected the way in which the markets previously operated (Yesilada 201). However, with this issue at hand, it is clear that the European Union has become stronger and with time, it will be all over the planet. Therefore, the issues in the current fiscal problems will soon find a lasting solution and in the will create a stronger the European Union and more dominance of the union across the globe.
Firstly, the crisis has brought the euro zone nations together because immediately the crisis hit, the nations came together so that they could find a solution to the crisis (Ioannou et al160). One of the major things about the collaboration is that when one nation is affected, the rest are affected, and if the crisis is not resolved, the crisis affects the rest of countries (Majone 201).To prevent adverse effects to the economy of the other states in the euro zone, there was a huge need to work together as nations in the euro zone (O'Rourke 180). This show of solidarity to kill a problem increased oneness and the primary goal to protect the euro from worse effects was achieved. Therefore, it is no doubt that with the collaboration among the states, much more will be achieved in protecting the euro from any effects making it grow stronger among and strengthening the European Union (Wyplosz 600).
The world at large was keen to observe the way that the European Union will solve the crisis and people from the euro zone were worried about their future, and they could not imagine their currency collapsing (Hodson 190). Fortunately, the situation was salvaged and people who had lost confidence regained it (Hebous et al. 28). Moreover, as mentioned earlier, the world was watching and is still watching how the governments will resolve the issue. From an analysis of the progress made so far, it is clear that things are headed in the right direction. Moreover, the United States were the crisis began watched as the governments in the eurozone protected their citizens and the currency at large from further damage (Campa 190). Therefore, with the kind of confidence bestowed upon the people of Europe by the European Union, it is no doubt that the world over is also confident about the situation and when the menace is finally solved, it is likely that the European Union will dominate the world more (Frankel, 430).
Additional measures were put in place concerning the crisis and depositors were protected better. Nothing builds confidence among any citizens than the assurance that their hard-earned money is protected legally. Better and efficient ways to ensure that the little that low earners in the European Union nations deposit as savings were put in place. When the economy is protected, people in the government have confidence in the system, and they are sure that the property and the country’s economy at large are protected (Belkin, et al. 345). In this case concerning the European Union, they have started by gaining confidence in their jurisdiction and with time, they will dominate the world.
Conclusive, the fiscal problems emerged in the United States, and they further affected the European nations because they had heavily invested in the American banks. The way that the European Union has looked into the issue is a way that raises the confidence of the people across the globe. Therefore, with the direction it has taken so far, people will finally have a reason to trust in the European Union entirely. It will lead to the dominance of the European Union globally making it stronger.
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