Death of the Eurozone

The introduction of the Eurozone in 1999 brought much speculation that this was the beginning of a great economic consensus unseen since World War II. The beginnings seemed promising with more countries continuing to join the monetary union with hopes of connecting themselves with the prosperity they have witnessed their European counterparts enjoy. With so many countries relying on the goods and services of each other, the Euro made sense.

However, as with a deck of cards we’ve globally witnessed what can happen when one country in a union has an independent thinking central bank. The independent mindset is expected due to the fact that each country has separate needs and responsibilities. Somewhere in that process the thought for what could possibly become of that entire monetary union went unnoticed.

Now with Portugal, Ireland, Spain, Greece, and possibly Italy on the brinks will this union cease to exist? If those were the only factors at hand then my guess would have to be no. But with the recent elections in France it’s hard to say where the new austerity measures will go from here. Sarkozy and Merkel forged a very good working relationship although; some would argue that it wasn’t perfect. It was however, a relationship that sought after results to maintain the status of the Euro and most important of all to work towards the progress of the European economies.