I stumbled across this really interesting article from Reuters the other day and figured I would share it with you all out there simply because the Europe debt crisis is something that we talk about pretty extensively here.
If you remember correctly, euro zone leaders agreed to establish a joint banking supervisor for the entire 17-nation single currency area back on June 29. At the time, many thought it was a great move, but there were still others who thought that it wasn’t going to be enough.
Inside of this agreement, the European Stability Mechanism would be injected into the euro zone’s bailout fund and more or less drop moneybags into the euro zone totaling 500 billion euro ($620 billion).
Throwing billions at the euro zone seems like a good idea in theory, but every economic policy has its detractors and many feel that it might be “too little, too late” for the euro zone.
According to analysts, an invisible financial wall as dangerous as the Iron Curtain that once divided eastern and western Europe is slowly being built inside the euro area.
Personally speaking, I don’t necessarily disagree with the actions taking place in the euro zone simply because I’m a firm believer that progress can’t be made without change. Clearly, the status quo hasn’t been working so a change needed to be made. When it comes to totally changing the financial policy, it is a slow process and it would be unfair to expect this thing to be solved over night.
Head over to Reuters to read the article by clicking here for an interesting take on what is going on in the euro zone.
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