As the discussion highlights European Union has institutions and bodies that helps it to function effectively. It has its own parliament, court of justice, court of auditors, which are involved in law making, the central bank, which is responsible for European monetary policy, the Committee of the Regions, European Investment Bank, which finances small business and EU projects among other bodies and institution. Lagged growth, the economy of this country has reduced at a high rate of twenty seven percent after the crisis in 2007. This led to a recession period and affected Euro greatly and melted down the economy. This has lead to the great depression, and has made the gross Domestic Product to stagnate. This crisis has lead to a decline in the economy and due to this, it will take Greece thirteen years to get back to its pre-crisis boom. This has made it to withdraw from the European Union, as its growth rate cannot be at par with the union growth rate. Increase in debt, the public debt of Greece is very high and largest in the euro area; this has forced it to undergo growth-curbing austerity. The increased debt is among the reasons why Greece withdraws from EU, this is because it is not in a position to repay its debt, unless debt relief is granted to it, it cannot continue to be viable as a member in the European Union. Europe’s north/ south divide, the division between north and south region are increasing creating more problems. This division started during the onset of the crisis. The southern debtor nations are trying to reduce their debt burden while the northern creditors are running deficits to ease this pain.
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