How the Eurozone Crisis Came to Be

How the Eurozone Crisis Came to Be

The euro was introduced in 2002 as the single currency of the European Union, consolidating the largest trade bloc in the world and creating one of the world's strongest currencies. However, the accumulation of massive and unsustainable deficits and public debt in a number of peripheral economies soon threatened the eurozone's viability, triggering a sovereign debt crisis. The crisis highlighted the economic interdependence of the EU, while also underscoring the lack of political integration necessary to provide a coordinated fiscal and monetary response.

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