The Formation and the Challenges of the Euro
This essay will seek to examine the formation of and the subsequent challenges to the Euro. In order to evaluate what is probably the EU’s most significant achievement, this paper will examine several key areas. First, Europe’s propensity for warfare prior to the establishment of the EU. Second, it will discuss the initial formation of the Euro and the economic integration brought about by it. Finally, it will examine recent challenges to the single currency. These will invariably lead to the conclusion that despite the challenges of the Euro, it remains one of the most important institutions to continued peace in Europe.
When examining the EU it is important to start at the beginning of the institution. World War II, the bloodiest conflict in human history, concluded only seven years prior to the founding of what would become the EU (ESC Treaty)(“World War II Facts and Figures”). This war was only the latest of what had been thousands of years of uninterrupted conflict on a continent that had not known anything even resembling peace since the Pax Romana of the Roman Empire in 180 CE. This desire to prevent war, or create a more enduring peace after the Second World War was the impetus for creating the European Union and ultimately the creation of the Euro. Winston Churchill described the process begun by this foundational treaty quite well, “We are asking the nations of …
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