Impact of the Sovereign Debt Crisis on the Eurozone Countries

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The European Union must take advantage of the Greek crisis in order to repair the structural defects of the economic and monetary union issued from the Maastricht Treaty by installing an economic European government. Not only does the creation of such institution allow avoiding the debt crisis, but also it gives the EU a budget policy instrument which allows it to conduct coherent up-to-date politics. Thinking about eliminating some financial instruments like the credit default swaps (CDS) so as to limit financial markets speculation should be on the agenda. Finally, creating a European IMF may help fight indebtedness crises

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