The first that Eu decided to union in Maastrich to sign single currency, single region act, this was seen as a new global act toward a new super power of the world. But as the time goes by, the EU dream has started to collapse…Why ? Although there are so many reasons to explain the situation like ethnicity, economic differences, language, culture etc… I think the main reason why EU didn’t work in the first sight that actually the union was based 2 countries domination; Germany and France. Mean while, why U.K didn’t participate the one single currency can be seen more clearly now… Small and Big sized economies would be together as if the countries were free in internal affairs. But while all countries dont have the same economic conditions, the union couldn’t act as if it were a single country in itself. But the main problem here, as I mentioned before, wasn’t that the union had some many troubles with the system but it was based to specific countries.
Germany and France were known with their solid economic structure by founding a single currency system, they would rule the whole Europe. I think the idea worked for a while, at least in the beginning, Euro was powerful and increasing its strength against Dollar. But after the crisis of 2007 in U.S.A, the weakness of EU has revealed. European Central Bank was setting the economic policies however they didn’t count the fact that not all the countries banking system was so powerful like Germany and France. Former central bank president Jean-Claude Trichet left a wreck behind him and Mario Draghi’s ceaseless effort want enough to rescue all the region.
Like Greece, Spain,Portugal, İceland, and İtaly ,Cyprus faced with the economic sanction in the end and bailed out ironically by the union which put the country into this position. 10 billion euros is not enough to maintain economic stability in the country, but it will delay the riots and excess reactions for a while.
At last word; European Union dream will not last for so long, I’m pretty sure about that it will end soon but the time will be determined by Germany and France.