1. LOGO Alina Artemieva, 887

2. LOGO www.themegallery.com One of the most powerful currencies in the world is well-intentioned but failed experiment?!

3. LOGO www.themegallery.com The euro is the sole currency of  24 countries  329 million people Countries use euro as the official currency. Countries are in the European Union but retain their currencies.

4. LOGO www.themegallery.com It was declared in 1999 productivity fiscal deficits unemployment rates income per capitagovernment debt The adoption of the euro would narrow the economic differences in differences in unit labor costs

5. LOGO www.themegallery.com However, common currency… increased divergence of economies complicating factor for European Central Bank “one size fits none”

6. LOGO www.themegallery.com Greece’s sovereign debt crisis can have an impact on all countries of euro zone helped to ease trade The adoption of the euro veiled defects in the euro treaty

7. LOGO www.themegallery.com Why wasn't Greece fitting for the euro currency? missed the wave of globalization mishandlecheapfinancing high level of borrowingcost differenteconomy developing country GREECE benefits,taxevasion

8. LOGO www.themegallery.com subpar growth fail to develop key industries huge debt load Greece’s economic difficulties in the future

9. LOGO www.themegallery.com If Greece still had its own national currency, it could… it could… Greek GDP would rise The cost of imported products would raise Prices for exports would be reduced devalue local currency The unemploymen t rate would decline Social welfare costs would be reduced Tax revenues would improve

10. LOGO www.themegallery.com prolonged recession and the economicpain prolonged recession and the economicpain Its goverment is being oblige d is being oblige d to raise taxes to raise taxes Its goverment is being oblige d is being oblige d to raise taxes to raise taxes The Greek government is being forced is being forced to cut salaries to cut salaries and pensions The Greek government is being forced is being forced to cut salaries to cut salaries and pensions Instead, as the price for receiving a bailout from the International Monetary Fund the International Monetary Fund Instead, as the price for receiving a bailout from the International Monetary Fund the International Monetary Fund

11. LOGO www.themegallery.com Germany’s benefits from the euro German exports became cheaper German companies were forced to lower labor costs German firms became even more competitive ++ +

12. LOGO www.themegallery.com  In a survey 57% of respondents agreed with the statement that Germany would have been better off keeping the mark than introducing the euro.  Many analytics convinced that Germany should stay in the euro zone for Europe's and its own sake.

13. LOGO www.themegallery.com Any splintering of the euro A crisis of confidence in Europe The demand would plunge

14. LOGO www.themegallery.com Pascal Petito offered 3 possible outcomes of tackling the situation Threepossiblescenarios Europe would reorganize its institutions and allow for more fiscal unity fiscal unity Europe will just muddle through muddle through The euro would disintegrate

15. LOGO www.themegallery.com Germany and France have chosen the most optimistic scenario radical reforms greater harmonization of economic policy strict budget rules a program of increased a program of increased coordination in tax, social policy, and debt limits

16. LOGO www.themegallery.com “Pact for competitiveness" aims to harmonize wagebargaining corporatetaxes pensionsystems publicdebt limits limits educationalqualifications Areas of national economic and social policy for the euro zone countries management regimes for troubled troubledbanks

17. LOGO www.themegallery.com  "The euro is more than just a currency. A united Europe is the guarantor for our peace and our freedom. Germany needs Europe and our common currency, for our own good, and for coping with global challenges,“ German Chancellor Angela Merkel said in her televised address to the nation marking the start of the New Year.

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