Was The Eurozone A Bad Idea?
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What's Life Really Like In An Economic Panic? https://www.youtube.com/watch?v=58s_bp93trE Subscribe! http://bitly.com/1iLOHml In June, Greece defaulted on its loan payment, sending doubts on the future of the Euro. So, we wanted to know, was the Eurozone a bad idea? Learn More: Why the Euro Is Doomed in 4 Steps http://www.theatlantic.com/business/archive/2013/03/why-the-euro-is-doomed-in-4-steps/274470/ "We're going to need a bigger acronym." The Euro http://ec.europa.eu/economy_finance/euro/index_en.htm "The euro is the single currency shared by 19 of the European Union's Member States, which together make up the euro area." European Central Bank (ECB) http://europa.eu/about-eu/institutions-bodies/ecb/index_en.htm "Role: To manage the euro, keep prices stable and conduct EU economic & monetary policy" The Debt Crisis and the European Central Bank's Role of Lender of Last Resort http://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_301-350/WP306.pdf "The debate on the role of the central bank in the European debt crisis reveals the increasing difficulty of the authorities to apply sensible solutions." Subscribe to TestTube Daily! http://bitly.com/1iLOHml _________________________ TestTube News is committed to answering the smart, inquisitive questions we have about life, society, politics and anything else happening in the news. It's a place where curiosity rules and together we'll get a clearer understanding of this crazy world we live in. Watch more TestTube: http://testtube.com/testtubenews Subscribe now! http://www.youtube.com/subscription_center?add_user=testtubenetwork TestTube on Twitter https://twitter.com/TestTube Trace Dominguez on Twitter https://twitter.com/TraceDominguez TestTube on Facebook https://facebook.com/testtubenetwork TestTube on Google+ http://gplus.to/TestTube Download the New TestTube iOS app! http://testu.be/1ndmmMq Special thanks to Lissette Padilla for hosting TestTube! Check Lissette out on Twitter:https://twitter.com/lizzette
Comments
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Doesn't it feel more like a gang? I mean its easy to get in but hard to leave.
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Me being a Greek I'll say hell yes it is and should have never happened. At least they gave nations the freedom to decide whether they want to join or not
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Innacurate ,trying to show a personal opinion as a fact...when multiple evonomies that go in a different speed unite, it is obvious that someday a crisis would occure ...when a union has so many members it is a matter of time that crisis would occure....also, of course the Greek gov lied to enter the eurozone however it is quite obvious that European goverments already knew that before Greece had joined the Eurozone... so the Greek people as all the European people were frauded and Greece joined eurozone for a reason ( the goverments of Europe had planned it so)
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So why the Dollar, with porto rico being bankrupt is not a problem? The diference here, it that the EU countries don't share a budget, where rich countries can pay up the debts of the poor countries, like it's done in the USA between states.
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Seeker should do a video on the European Union's initiative to have all E.U countries join the EuroZone by the year 2020 & what it means for the European Union.
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The pound is better than the both... and the UK switch's to the Euro the pound will drop fast
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I havent seen it yet but is Greece mentioned ?
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Euro has made a huge harm. It needs to be dissolved, along with EU
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Now it lost the U.K.
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So much hate on Greece!! /:
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she hot tho
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Northern Europeans always forgive that everything they are came form the South...
Democracy, Philosophy, Latin Alphabet, etc. Their culture its only a reflex of our culture. -
just boot out greece
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Eurozone allows Germany to finally conquer europe
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Finland can't devaluate their currency like in the 90s recession. So bad for Finland at least.
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The euro in my opinion can be beneficial but was adopted too early. The terms that eurozone countries needed to meet to join were not profound enough. Post 2008 in which Ireland, Spain and Greece saw exceptional growth should have had some sort of involvement from the ECB and respective governments to realise that some of this additional growth was due to lower interest rates than these countries should have had. As a consequential impact due to the unsustainablity of the system when a economic shock came about these countries couldn't cope.
In my opinion if unsustainable paths like this can be dealt with in their respective ways then the euro can really be a benefit to the EU's economy. Besides this is a new thing, combining countries' currencies, how many things work perfectly the first time. -
Greece's participation in the Eurozone give a whole new meaning to the term - "Golden Fleece"!
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I actually think that Scandinavia & UK should join the eurozone. Yes, letting Greece into the eurozone was wrong and we see the consequences of that. But we do mistakes and we now have to show that we have learned from it!
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I'm pretty sure that a crisis like this one will not happen again in the eurozone. There was just not enough control on banks and government spending. Now we learned that we have to be very strict on the rules and that will prevent a situation like this in the future. All the cuts were tough in Europe but it's working now..countries like Ireland and Spain who had big problems are climbing out of it fast now. Unfortunately Greece can't come out of it anymore. It's partly there own fault but I think we should give Greece a second chance and take the loss and really help them to get out of this debt. If we don't do this Greece will never recover.
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