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Euro Crisis And Social Inequality Essay

1197 words - 5 pages

The EU or The European Union was established in 1935, it presently establishes a shared market among its current 28 member countries that are located in Europe. The EU has its own parliament and banking system where 13 members states are operating under the common currency the “Euro”. The purpose of EU is to develop a sense of unity and promote economic and social development where Europeans feel unrestricted and have a sense of justice equality and freedom in their own countries and when they travel to other EU countries. The Eurozone crisis is a banking debt and combined government debt crisis that introduced unfavorable economic effects for certain countries to repay or refinance their government debt. The damage caused by the Euro Crisis has had unequal effects on the division of countries as the markets lost confidence in the government’s ability to pay back what the countries owed relating to social inequality and spatial justice concerns.
The key aspects of social inequality in the EU are rather distinct with large regional disparities in GDP per capita and unemployment and poverty rates across Europe, The Central and Northern industrialized regions of Europe are in healthier economic positions such as UK, Switzerland, Norway Luxembourg, and Germany. The Eurozone crisis has become a social crisis for the eastern and some southern parts of the EU such as Greece, Spain and Portugal, which suffer from the highest unemployment and poverty rates. Unemployment rates for Greece when the euro crisis hit was at 9.5% of the population in 2009 and has been extremely increasing each year where it is at 24.3% in 2012. The trend is the same for Spain at 25.0% in 2012 and Portugal at 15.9%, which has the 3rd highest unemployment rate in Europe. (Eurostat table 2013)
Lowest unemployment rates in the EU are Norway, Austria, and Germany these countries are highly industrialized and big on exports and resources compared to the previous three. Norway has large reserves of seafood, natural gas, and is a major exporter of petroleum, Austria thrives on Timber, Salt and Hydropower manufacturing and Germany possesses the largest economy and population in the EU and thrives on the car manufacturing industry (Orange,2012). Germany dominates the EU through trade surplus, the country increases their exports each year and is currently benefiting more then ever. (Simonazzi,Ginzburg,Nocella,2013).The modern German strategy of exporting as much as it can does not allow much competition for other countries in the EU. We see inequalities in the currency as Germany receives a weak exchange rate while other countries pay higher rates, which destroys countries economies. (Dolan,2011)
The most favorable countries in terms of GDP after the crisis are Luxembourg, 3.7% Norway; at 2.9% in 2012 Switzerland at 1.0% in 2012 and Germany at 0.7% in 2012. On the contrary Central and eastern European countries remain at the bottom of the GDP per capital with Greece at -6.4% in 2012...

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