International Trade

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International Trade The current news indicates that countries like Greece are back in a downturn. Others like Italy have stagnated while Portugal has grown with barely half the expected rate. The information can never be clearer as the crisis in the Eurozone delves into another level. The expected performance of the EU economy has faced a devastating downplay regardless of the major re-establishment of proactive strategies in a bid to subjugate the relapse. This is the situation facing many states forming the larger EU who were the primary benefactors of the currency zones and policy convergence. Many have been unable to refinance or repay their debts or even duck out their over-debited state banks. As such, they run to other Eurozone countries or the ECB (European Central Bank) for bailing (Bibow, n.d.). This, however, leaves the countries poorer, the burden being rested on the taxpayers. The results are reduced wages, increased taxation and hence low living standards. Such is the debt crisis facing individual sovereign countries both as state or non-state partisans of the EU. Some have reached the critical debt levels and are suffering from the low economic growth. While the idea of consolidating the currency to form joint economic transparency and growth was okay, it could have been the course of the crunch of confidence among European businesses and economies referred to as the Euro crisis. By breaking down the crisis, this paper evaluates the article, “Six Lessons from the Euro Crisis” (Kregel 2012). The primary concerns are the impacts of the euro crisis on wages, policy convergences, sovereign growth rates and internal adjustments by the member

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