Marzo, Vanessa. (2009) United they rode, divided they fall: the EU and the economic crisis. EUMA Papers Vol. 6, No. 10, June 2009. [Policy Paper]
Abstract
Economics is convulsing European politics. Strikes or protests have erupted in the streets of Greece, Ireland, France, Germany, Britain, Lithuania, Ukraine and Bulgaria. This spasm of unrest was unexpected, since Europeans believed they would be spared the worst effects of a disaster carrying a "Made in USA" tag. However, the crisis has spread with a dramatic speed giving way to ever more gloomy predictions for the foreseeable future. As president of the European Commission, Jose Manuel Barroso, states, "There is no doubt we are living through the greatest financial and economic crisis in living memory" (Thornhill, 7). The European Union is being stress tested as never before, as its proudest achievements (peace and stability, a single market, a common currency and the convergence between west and east) are threatened by the economic storm.
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