The conception of the euro was a moment that revolutionized the role of a monetary union. States no longer dealt internally with their monetary policies nor made their decisions autonomously from other nations. The euro countries in 1999 became dependent on one another’s success of policymaking and proper governance. There were skeptics of this single currency theory but if it was executed properly, the Eurozone becomes one of the most important economic regions in the world. From 2002, when the euro coins were issued, up until eight months ago, the euro accomplished a level of significance rivaling the dollar and Yuan in terms of weight in the international economy. What happened in the months following when the Greek’s actual inflation rate and public deficit were made public was a complete unraveling of the EMU and its validity. Month after month the Eurozone countries were exposed bare with their lack of efficiency, transparency, and effectiveness to control the damage in the Eurozone community. When dealing with such a large and significant region of the world it is essential to have a functioning and stable framework on which the monetary union is built. The paper analyzes the objectives, unravels the truths, and suggests what maintenance is needed to return credibility to the Eurozone.
Bevan, Maximilian, "Faulty Structure and Uninspired Member States Fail the Euro: Lessons Learned From the Greek Crisis" (2010). Independent Study Project (ISP) Collection. Paper 864.