Tom Gallagher
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Return to European strife via monetary union
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The single currency was overtly designed to lock a newly united Germany into a common monetary union in which it would act in concert with countries possessing less powerful economies rather than dominate them outright. This chapter focuses on the evolution of the crisis in the eurozone and the shortcomings which have impeded the EU from bringing it under control. The financial sector had not become a protected zone of the eurozone overnight. Ever since the passing of the Single European Act in 1986, its perceived needs had come to shape the concerns of EU decision-makers to an increasing degree. EU decision-makers at the centre of a marathon economic crisis are increasingly insistent that there is no way out except for a union adopting full political and economic standardisation.

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Europe’s path to crisis

Disintegration via monetary union

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