After two decades of being a primer in monetary integration, successful launch and immediate benefits of a common currency union, EMU is at a brink of dissolution. European (Monetary) Union, its regional trade integration, common currency zone, including its political significance and economic future along with everything it stood for over the years – have been hanging in balance ever since the May of 2010, most recently reaching the very end of the rope.

Crisis contains minimum four layers: a) political gridlock of unwillingness to go towards full-fledged fiscal federalism or at least toward the system of non-trivial fiscal transfers on an Eurozone level, b) sovereign debt crisis and speculative pressures by the global financial market, c) imminent banking crisis at the European core as the sovereign debt crisis in the periphery deepens (e.g. lion’s share of the Greek public debt was initially held by German and French banks), and d) underlying currency crisis stemming from layer. Signature: Unión Europea-80
Signature: Unión Europea-80