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Economics Essay

697 words - 3 pages

Introductory Essay.

I’m discussing “Prospects of the Eurozone” by Stephanie Balnkenburg, Lawrence King, Sue Konzelmann and Frank Wilkinson. In terms of a summary, the Journal suggests that general economic theory proposes that the European Union would benefit all memebers. That the crisis in 2010 was fisical in nature that it was the prolifery of governement spending in certain European nations that caused the crash; hence why the prospect of survival of the european union is being discussed in this journal. It discusses the belief of the ECB, that austerity measures are the only way that these indebted European nations are going to pay back what they owe and ...view middle of the document...

Showing that Spain had larger average increases in domestic product under the euro rather than it’s previous currency the pesata.
As stated above the journal mentions the European Central Bank and it’s use of austerity measures in countries such as Spain. It suggests that the measures aren’t having the desired affect that the economies in which austerity has been applied have sunk deeper into depression. In further support for austerity measures in Europe ‘There was no alternative to fiscal consolidation and we should not deny that this is contractionary in the short term. In the future there will be the so-called confidence canal that will re-activate growth’. As a concept austerity (increasing taxes, lowering government spending), is a feasable way of lowering a government deficit. As in the long-term growth isn’t possible with debt as such a high percentage of GDP currently the figure is 84.20 percent in Spain. (countryeconomy) In contrast prescribes that rather than austerity countries like the United States should be re-investing in their shoddy infrastructure. Germany’s obvious industrial success has been based both on private and government funded infrastructure...

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