Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.14/102218
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- Title
- The Greek Affair : a cause or a symptom of the European Union instability
- Related
- Macquarie journal of business law, Vol. 7, (2010), p.147-169
- Related
- http://www.buslaw.mq.edu.au/docs/publications/past_editions/volume_7/09Blazey.pdf
- Publisher
- Macquarie University
- Date
- 2010
- Author/Creator
- Blazey, Patricia
- Author/Creator
- Wetton, Robert
- Description
- Over the past year, the Euro has plunged from a strong world currency to a currency in crisis mode. Rescue packages have been put in place by the European Central Bank (ECB), supported by the International Monetary Fund (IMF), to rescue the ailing Greek economy. As a result, analysts and fellow Member States have labelled Greece as a major cause of the financial woes suffered by countries in the Euro zone. Spain, Portugal and Ireland appear to be the next in line for criticism, as these states teeter on the verge of economic crisis. This article argues that the current Greek crisis is a symptom, rather than the cause of European Union (EU) instability. This major financial problem is not limited to financial or economic constructs but extends to the very structure of the EU. The enlargement of membership for economic benefit, prior to the establishment of an overriding Constitution at the inception of the EU, has resulted in Member States focusing on state sovereignty. Member States’ sustained adherence to their individual political institutions, culture, language and legal systems, has been the primary cause for the failed attempt to create a unified political regime. Otherwise put, it is the absence of political unity, which is the source of economic and social instability. The article examines the Greek financial crisis in the light of increasing scepticism towards the future success of the EU and the heightened frustration of Member States. The article further outlines the likely effect upon EU Member States in the future.
- Description
- 23 page(s)
- Subject Keyword
- eurozone
- Subject Keyword
- future structure of EU state sovereignty
- Resource Type
- Macquarie Journal Of Business Law Collection
- Resource Type
- journal article
- Organisation
- Macquarie University. Dept. of Business Law
- Identifier
- http://hdl.handle.net/1959.14/102218
- Identifier
- ISSN:1449-0269
- Identifier
- mq-rm-2009010561
- Language
- eng
- Rights
- Publisher version archived with the permission of the Dean, Division of Law, Macquarie University, NSW, Australia. This copy is available for individual, non-commercial use. Permission to reprint/republish this version for other uses must be obtained from the publisher.
- Full Text
- Reviewed
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