The euro crisis

Abstract

Faced with the current situation of the single currency and the Economic and Monetary Union (EMU), this editorial will set out by citing some concepts already touched upon in previous editorials (what the monetary union is and how it is put into action). Then we go on to other issues that are also important: how the current economic and financial crisis has affected the EMU, how what has come to be known as the “debt crisis” has manifested itself and the response given to both these issues by the European Union (EU) and its member countries’ governments; this block also deals with what has come to pass recently in the so–called “currency war”. This all leads us to question whether the euro zone (the EMU) is the optimum monetary sector and to wonder about what is in store for the future in this respect. We end up our text with some general considerations that lead us to reaffirm the advantages behind both the existence of the euro and also our country’s belonging to the EMU in spite of any drawbacks that might be entailed: at the same time we conclude that in order to overcome the current weakness of the euro, the EU must have a common, clear and decisive economic policy. If the indecisiveness and delays are not done away with, the EU will fall behind world economy.