While most
of our attention has been focused on Greece and its massive debt problem, those
keeping a keen eye on the world of business know that, in fact, the whole of
Eurozone, is facing a serious challenge to its sheer existence. Although some
states, like Germany for instance, emerge better equipped in facing the
Eurozone crisis with its low inflation and high productivity, a majority of
states face severe challenges in retaining the common currency that was created
by a landmark agreement in 1992. Today, a huge majority of Europe's people and
businesses use the Euro since it is used not only in the 17 member countries
which are officially part of the Eurozone, but also many EU (and some non-EU)
nations who have signed treaties with the Eurozone countries or have adopted
the currency unilaterally so as to be part of the biggest monetary bloc in the
world.
The origins of this crisis are
complex, with no agreement on when or where it exactly began. However, it does
have some clear cut components -