Europe's Economy
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The current state of the economy is a problem for not only the United States, but for the entire world. The lack of jobs, the never-ending illusion of the recession, and the theme of being laid off, has taken a toll on the citizens of Europe.
“Britain's economy is tipping headlong into a recession that could last more than a year and cost hundreds of thousands of jobs,” warns Professor David Blanchflower, a member of the Bank of England's interest rate committee, in an interview with The Guardian Today.
Jobs in Europe have been declining as early as 2008. The global economic melt-down has stricken the people of Europe to such an extent that 3.3 million individuals are currently unemployed in Spain. Jobs in Europe are at a premium and the people in Europe are crying out for help. Although the economy has recently grown by 3%, the government is still working hard to increase their export rates and create more job opportunities.
Ernst & Young Item Club stated, an economic forecasting group, “The economic outlook for Britain is like a horror movie as a result of the credit crunch and tumbling house prices.”
One of the major downfalls to the European economy is the use of the popularly known Euro, the basic currency in European countries . The Euro has not done anything but hurt the European economy. Researchers are wondering if the extinction of the Euro would help the economy and pull Europe out of its wretched recession. A strong Euro has been weighting too much on the back of economies like that of Greece, Czech Republic or Slovakia. In the case of Greece it influenced negatively on the primary source of cash flow for its economy, tourism. Tourism, be it cultural or for leisure, has been the jewel of Greece and a thriving industry since the end of the civil war. Not only is the Euro bringing the economy to an all time low, the rising financial crisis also contributes to the fall of the European economy.
Inflation has played a key role in hurting the European economy. The rise in prices of food and oil has attributed to the increasing financial crisis; citizens of Europe are decreasing their spending habits to save money for necessities. The inflation and recession are the reason why jobs are being cut so intensely in Europe. Not only are jobs being cut, individuals are being forced out of their homes and into other countries to be provided a job that can support their families. In addition, people are going abroad to college to receive an education in a country that will guarantee them a better chance of receiving a job straight out of school. The economy has become so toxic; people are moving to the United States of America, using the Peace Corps as an escape from the notorious economy.
The people of Europe are doing everything in their power put a stop to the loss of jobs, inflation, and scorned recession. Strikes constantly have to be broken and people have been thrown in jail for some rowdy, strike behavior.
A poor economy has absolutely no positives. The European military is growing weaker by the second. Jobs that supplied the military with efficient equipment are being cut, causing a scare for the European security.
Rebuilding the economy of Europe is not a process that will happen overnight. The economy of Europe is brought down by economics, politics, and ethics. European people are trying to exchange their negative attitude for a positive one. The government is trying to instill in them that, when more people are positive, spending increases, and when the consumer spending increases, the European economy does better overall.
source:my.hsj.org
Sep 9, 2010 - 19:28
