Is the Eurozone a Failure?

Eurozone ministers will meet in Brussels on Monday and Tuesday to discuss a second bailout package for Greece. The Greek debt crisis, along with Ireland and Portugal, has raised a bigger question regarding the Eurozone and whether it is a failure.

Established in 1999 as an economic and political union, the European Union started off with 6 states: Germany, France, Italy, Belgium, Luxembourg, the Netherlands. It has since grown to contain 27 member states. A major step taken towards unification was the adoption of the single euro currency, which is used by 23 states.

Countries wanting to enter the union had to fulfill certain criteria including meeting deficit-to-GDP, debt-to-GDP ratios and price stability. The aim was to have countries with similar, stable economic fundamentals that would not threaten the group's overall standing. The reality was far from this, as weaker countries like Greece and Ireland were allowed to join in, creating a divide between the north and south and southwestern blocks.

The crisis in one member state - like Greece - has resulted in stronger economies having had to pick up the tab. They have had to dip into their coffers to help out as Greece tries to hammer out workable austerity measures that would be acceptable to the group. A worst case scenario of Greece even leaving the eurozone has been suggested. Many have even said that weaker, peripheral countries should never have been allowed into the union in the first place.

As Greece stands on the brink, we want to know what you think of this grand eurozone attempt at economic integration.

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