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Since the financial crisis of 2007–2008, the eurozone has established and used provisions for granting emergency loans to member states in return for enacting economic reforms. [15] The eurozone has also enacted some limited fiscal integration; for example, in peer review of each other's national budgets. The issue is political and in a state ...
By 2007 (i.e., before the 2007–2008 financial crisis), it was still one of the fastest growing in the eurozone, with a public debt-to-GDP that did not exceed 104%, [31] but it was associated with a large structural deficit. [32]
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 ...
2017 – Start of Brexit: On 29 March 2017, the Government of the United Kingdom invoked Article 50 of the Treaty on European Union. The UK was due to leave the EU on 29 March 2019 at 11 p.m. GMT, when the period for negotiating a withdrawal agreement was set to end
As with devastating wars before, there was a desire to ensure it could never happen again, particularly with the war bringing the world nuclear weapons. Most European countries failed to maintain their Great Power status, with the exception of the Soviet Union, which became a superpower after World War II and maintained that status for 45 years ...
Military integration in NATO sped up following the first Soviet atomic bomb test and the start of the Korean War which prompted a desire for the inclusion in NATO of West Germany. [2] The ensuing Hague Congress of May 1948 was a pivotal moment in European integration, as it led to the creation of the European Movement International , the ...
The plans for German-oriented political, social, and economic integration of Europe - such as the New Order, the Greater Germanic Reich and Generalplan Ost - did not survive the war. At the end of World War II, the continental political climate favoured unity in democratic European countries, seen by many as an escape from the extreme forms of ...
According to the EU treaties, membership of the European Union is open to "any European State which respects the values referred to in Article 2 and is committed to promoting them" (TEU Article 49). Those Article 2 values are "respect for human dignity, freedom, democracy, equality, the rule of law and respect for human rights, including the ...