As another expected Euro crisis unraveled in Cyprus, a consecutive round of critical examinations of the common currency is required. Instead of repeating the same mantras of lost independent monetary policies or severe differences in the European economies’ business cycles, another approach is needed. Perhaps the inconvenient truth and the negative unintended consequences of the common market are the fact that with one currency, fluctuations in the European Union minimum wage are inherently creating detrimental imbalances.
Posts Tagged ‘ Cyprus ’
The euro crisis has taken the form of a succession of national crises threatening the integrity of the monetary union. The response, each time, involves heads of European states meeting in Brussels or Berlin to agree on a rescue plan and hesitantly approving the necessary improvements in European governance. After Ireland, Portugal, Spain and Greece, does it even matter who’s next on the cliff’s edge?
No other country aspired membership to the European Union for such a long time as Turkey. It’s been twenty-five years since EU-Turkey negotiations began. During this time, the EU was able to exert much positive influence on the country. The social, economic and political system of Turkey has fundamentally evolved and now resembles the European model more closely than ever. Also the EU would, economically and politically, benefit enormously from Turkey’s accession. However, many issues remain. The New Federalist’s Florian Grünwald and Sarah Dejaegher take a look at EU-Turkey relations.
Tensions in the Eastern–Mediterranean area are escalating: A short time ago, Cyprus begun to conduct drilling for oil and gas in its exclusive economic area, facing the contradiction of Turkey. Turkey claims a share in the “controversial” Block 12.