Title: What is the European Crisis and how it affect the world?
Most of us have heard about the Eurozone crisis, but how did it started? Firstly let’s talk a
little about the ‘European Union’ (EU), they are actually an economic and political union of
27 states member. The European Union was created in the soon after World War II and the
idea came about whereby nations nearby can trade amongst each other. This result in
treasuring each other as trade partners and of course maintain good relationship to avoid
conflicts which leads to war. European citizens could work and travel around Europe
without the need of passports and visas. To make things better for the citizens, a common
currency will be the best choice to be implemented soon after. Europeans will not need to
worry about exchange rates and further more relationship of nations will probably
strengthen as they shared something in common. In 1992, the Maastricht Treaty was
signed, whereby the States members agreed upon the creation of European Union and also
the step towards a monetary union called the European Monetary Union (EMU). People
tend to misunderstand that these 27 members shared the same currency call the Euro
(EUR), but they are wrong. For example, United Kingdom is a part of the European Union
but they have their own currency called the ‘pound sterling’ (GBP). ‘Eurozone’ was
established in the year 1999 and is an economic and monetary union consisting of 17
states. These 17 members are the ones who join and shared the Europe Currency. In the
