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Question: Evaluate the impact of the euro on the autonomy of the European member states to set their own economic policies.

Answer: The Euro and the Eurozone face one of the toughest tests since its launch of the Euro on the 1st January 2002. Concerns over Greece’s fiscal problems highlight what many see as a fundamental flaw in the Single European Currency.
Since worries began to heighten over the ability of Greece to service its national debt, the single currency has been under heavy selling pressure, losing nearly 7 per cent of its value against the US$. While Greece is a relatively minor Eurozone economy, representing about 3 per cent of the region’s gross domestic product, the issue has hurt the Euro, giving rise to fears of similar problems in Portugal, Spain, Ireland and even Italy, all of which sport large budget deficits and high labour costs....(short extract)

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  • Subject: Politics
  • Course: Politics
  • Level: A-Level
  • Year: Not applicable
  • Mark: 60%
  • Words: 1039
  • Date submitted: January 23, 2011
  • Date written: Not available
  • References: No
  • Document type: Essay*
  • Essay ID: 3616

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