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[53] [54] As a result, Greeks have lost about 40% of their purchasing power since the start of the crisis, [55] they spend 40% less on goods and services, [56] and the seasonal adjusted unemployment rate grew from 7.5% in September 2008 to a record high of 27.9% in June 2013, [57] while the youth unemployment rate rose from 22.0% to as high as 62%.
The Eurozone recession has been dated from the first quarter of 2008 to the second quarter of 2009. [2] In the eurozone as a whole, industrial production fell 1.9% in May 2008, the sharpest one-month decline for the region since the Black Wednesday exchange rate crisis in 1992.
In 2018, a study based on DiD methodology found that the adoption of euro produced no systematic growth effects, as no growth-enhancing effects were found when compared to European economies outside the eurozone. [85] The eurozone has also been criticized for deepening inequality in Europe, particularly between the richest and poorest countries ...
Eurozone inflation is also expected to fall, despite unemployment dipping to its lowest level in 11 years. EU and eurozone GDP growth halves to 0.2% despite falling unemployment Skip to main content
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Euro Zone inflation. The euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union (EMU) by 1999 for all EU states except the UK and Denmark (even though Denmark has a fixed exchange ...
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13 September – An international alarm over a Eurozone crisis grows. [69] 21 September – S&P have downgraded seven Italian banks after they've dropped Italy's sovereign rating two days ago. [70] 22 September – Greeks reacted with anger and disbelief at a new wave of austerity cuts enacted to keep the country in the Eurozone. [71]