HIST 106 Lecture Notes - Lecture 11: European Central Bank, Josip Broz Tito
23 Oct 2017
School
Department
Course
Professor
Document Summary
2002: financial currency replacing national currencies in eurozone. In theory all european countries were supposed to use it. Some negotiated on exemption britain for example. Momentous event germany, italy, france all using same currency. Common currency you need a common central bank. All countries in eurozone have to agree with what their are going to do. Since they don"t have individual currency for their countries they can devalue their money to decrease economic pressures. Disconnect between eu government and people of eu. Gap between eastern and western europe is major problem of eu. Don"t see eye to eye, resentment and jealousy on both side. History of eastern europe not same was western, esp during 20th century. Period of adjustment in necessary, but people underestimated the period of adjustment still ongoing and unsure if it will workout as well as it was supposed to. People in poor eastern euro, feel exploited and mistreated by rich west.
