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What happened to Euro

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In January 1999, the euro was officially born. If you use "live" as a measure, then the euro will undoubtedly succeed. However, its success is far removed from its original vision of the founder. The Eurozone has inherent limitations in many aspects. To completely resolve its inherent flaws, the Eurozone can only further deepen its integration.

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“When things are going well, there is little incentive to complete this project. When the crisis finally happens... it’s hard to think carefully about what steps should be taken to ensure the success of the euro.” The prospects for reform in the eurozone may be like the Nobel laureate in economics. This is what Stiglitz said. In the context of the current weak economic growth in Europe and the resurgence of populist forces in Italy and France, further reforms in the Eurozone are difficult.

At the beginning of its establishment, the euro carried a grand historical mission to promote European economic integration and ultimately promote European political integration.

The establishment of the European Economic and Monetary Union was inseparable from the global political and economic background. Under the US-Soviet bipolar pattern after World War II, Europe's strengthening of the economic and monetary union is the general trend. The Soviet Union rose to one of the world's two strongest countries after the war and continued to expand its borders in Europe. At the same time, the terrible war-torn European countries are increasingly declining in the world economy and politics. In order to counter the Soviet Union, Europe can only turn to the United States for protection. However, this has led to political inequalities between it and the United States. European countries realize that to compete with the two countries of the United States and the Soviet Union, Europe must take the road of integration.

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At the same time, with the opening of post-war reconstruction, productivity has been greatly improved, which objectively requires Europe to strengthen regional economic cooperation.

Under the combined effect of political and economic factors, on March 25, 1957, representatives of France, the Federal Republic of Germany, Italy, the Netherlands, Belgium and Luxembourg signed the Treaty Establishing the European Economic Community in Rome. The treaty came into force on January 1, 1958, marking the official birth of the European Economic Community (EEC).

EEC members gradually realized in the process of promoting economic integration that it is only possible to achieve true economic integration if monetary unity is achieved. Europe has since embarked on a long process of monetary integration.

After the European debt crisis, the euro zone made many attempts to make up for its institutional flaws. At that time, the 17 countries of the Eurozone first established the company-wide “European Financial Stability Fund” (EFSF) in May 2010. With the credit of the member states of the Eurozone, they issued bond financing and provided emergency loans to member states. Since then, in July 2013, the EU summit replaced the temporary EFSF with the European Stability Mechanism (ESM) as a long-term mechanism for the stability of the euro, providing financial assistance to EU member states.

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