The European Sovereign Debt Crisis and the Future of European Economic Sovereignty
PublisherThe University of Arizona.
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AbstractThe European Union was created to pursue peace on a continent that had been ravaged by war twice in a single generation. It has evolved to include 27 countries, 17 of whom operate under a single currency: the euro. Over the past five years, the euro zone has fluctuated between crises caused by irresponsible financial management. The resulting extensive sovereign debt in a number of European countries is aggravated by the European Union’s weak central structure. In this thesis paper, I begin with the history of the European Union and move into the creation of the Euro and the causes of the European Sovereign Debt Crisis. I will then discuss the issues that exacerbate the debt crisis in two separate EU countries (Greece and Italy) and move into an analysis of the barriers to full recovery. I finish by discussing a potential framework for the future and presenting four steps I find necessary in order to move toward a fiscally healthy European Union.
Degree ProgramHonors College