Image: the crisis of the Euro - a EU crisis!
The Euro crisis;

The Euro

1. Economic crisis


The euro crisis has caused a lot of concern in the EU for over ten years now. A viable, permanent solution is far away, because a common economic and fiscal policy would be needed, i.e. a constitutional amendment and therefore the approval by all 27 EU countries, and in some countries a referendum.


Another solution could be a contractual agreement among the Euro countries, which however could split the EU in euro and non-euro countries. Such a solution has been rejected, inter alia, by the German Chancellor. For her, the euro crisis has by all means to be resolved, because: "If the euro fails, then Europe fails!". 


That’s why the EU and the European Central Bank have done everything to keep Greece in the euro zone and to get around a "Grexit": Greece was forced to adopt rigorous saving measures to receive rescue funds of totally, so far,  350 Billion Euro to avoid the State's bankruptcy. Even larger aid packages are now to be used in favor of the countries particularly affected by the Corona crisis (especially Italy, Spain).



2. Economic policy


What kind of policy should the EU pursue regarding the Euro and the integration of economic policies? You are invited to vote and to give your opinion with the questionnaire (question 8) by choosing one of the following most important positions:


  1. Position of “Brussels”: To overcome the euro crisis, a common economic and fiscal policy is needed, including a European economic government, a clearly defined revenue sharing within the eurozone and transfer payments from the wealthy to the less wealthy countries. This cannot be done without a new EU constitution.
  2. Position of EU opponents and sceptics: Each country shall itself decide whether to join the politically integrated euro area or the Common Market or a large free trade zone.