PROJECT: European Central Bank.

Today my topic is a complicated one. However, it is a very important part of the European Union and I considered that we have to know about it. My topic is the economic policies and institutions of the EU. Since 1999 there are many states of the EU that form part also of the Eurozone, a group of countries that have the same monetary dependence: the European Central Bank. This institution was created with the intention of controlling the monetary policies of the common currency that is the euro. At the beginning it was very successful because we experienced a period of economic development but with the irruption of the Great Recession of 2008 this economic system has shown its weaknesses. To begin with the economic union is incomplete because the governments of the states have autonomy but also the ECB is the one which rules so finally this has caused many problems. Many economists say that we cannot continue like this and that we should take the model of the Federal Reserve as our ECB. Another important thing to take it into account is that the social-democratic governments that defend Keynesianism as the regulation of the economy by the state have been obligated to apply the policies of the Eurogroup that are always based in the economic liberalism. Thanks to this many citizens have the idea that their governments don't respect their opinions and necessities. Nowadays we could say that all the economic power of the EU is in two people: Mario Draghi (president of the ECB) and Angela Merkel (chancellor of the wealthiest country of the Eurozone). The popular dissatisfaction is perfectly understandable. The EU must find a solution to the its problematic economic system or if not all the European project would be in danger and anything of what we have reached now would be relevant in the future.
Main source: https://www.ecb.europa.eu/home/html/index.en.html

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By : Rubén de Pablo.