Asymmetrical Crisis in the European Union: The Example of Greece

Abstract

The article presents the current economic crisis from an historical perspective, analyzing the building of the monetary integration and the common currency. The process is explained pointing out its effects on the European integration and outlining the positive and negative consequences of the introduction of a common currency in the European Union. The investigation continues with a general outlook of the current situation of the countries more affected by the current crisis, Greece, Ireland, Portugal, Spain and Italy. All of them have in common the necessity of extra funding in a context of austerity, plus some national particularities. The author proposes an expansion in the public spending as the only reliable way to stimulate the European economies in crisis. As the Euro meant the end of the monetary independence of the member states it is suggested an innovate solution, the creation of an Economic government in the Union in order to transfer funds from the wealthier states to the countries in troubles. It is presented as a necessity for the states in crisis, a necessity for the wealthier states and a must for the European Union. Introduction.