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IssuesoftheEuroArea
Summary
TeEuropeanunion(Eu)intensifiesitsactivitiesinorder
toenhanceanddeveloptheEconomicandMonetaryunion
whichmeansaprocessleadingtosinglecurrency,theeuro,and
thesinglemonetarypolicyintheeurozone,aswellasthecoor-
dinationoftheeconomicpolicesoftheEumemberstates.
Teeurozone,whichwascreatedintheyearsof1999-2002,
initiallyremarkablycontributedtofinancialstabilizationand
economicgrowthofitsmemberstates.
Crisisintheeurozonewhichbeganin2008wasacoin-
cidenceofvariousinternalandexternalfactors.Asthemain
endogenicfactorsareregarded:
–
lackofefectivesupervisionoverfinancialmarkets;
–
largediferentiationofthelevelofdevelopmentand
economicstructuresofmember-statesofthezone;
–
incertainmemberstates-lowabilitytomanageand
absorbeconomic-financialshake-ups,particularlyex-
ternalasymmetricshocks,whichresultsfrommissing
appropriateregulationsandinstitutionsorlowcompet-
itivenessoftheirnationaleconomies;
–
weaknessandinefciencyofinstitutionalandmarket
mechanisms,whichenforcesgovernmentstofollowad-
equateandbalancedfiscalpolicy;
