Thursday, April 29, 2010

The Fall of the Euro (Current)


The creation of the European Union has been seen by many as something both good and bad. The EU has made in a sense a "united" Europe, easing travel between countries, lowering import/export taxes and setting the European continent on a similar standard of living, education, medicine, etc. Unfortunately, the other side is that a united Europe has brought in new problems for many nations to face. Illegal immigration to many EU countries such as Greece, Italy and France has caused culture clashes, riots, misunderstanding and job loss for the citizens of each nation. Greece has been dealing with an influx of thousands of illegal Albanians who have come to the country and stripped Greece of many of jobs for its own people. Italy is dealing with the same problem as well as France.
The worst thing the EU has done is create a single-currency system: the Euro. This currency in my opinion is destroying Europe. Inflation has been on the rise the past decade and now hard economic crisis has hit the nations of Portugal, Ireland (ROI), Italy, Greece, and Spain. The introduction of the Euro has hit the smaller and weaker economies of the EU the hardest. The cost of living in each of these countries has skyrocketed. From going to Greece this past summer and multiple times in the past, the price of living in Greece has become more expensive than living the USA. People over here may marvel at the Euro and what it has done for Europe, but the Europeans themselves hate it. There are calls in Greece by many Greeks to abandon the Euro for the Greek Drachma once again because people cannot get by with all the inflation the Euro has caused. The idea of the Euro to me is good on paper, but when applying it to almost 20 countries who have varying cultures, people, and especially economies it is a recipe for disaster. The wealthier nations like Germany and France are paying to keep their currency tangible at this point creating bailout packages for their neighbors to the South. This is not going well with their own people, for they themselves feel they shouldn't be paying another country's debt. I say down with the Euro and bring back the Drach!

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