THE EURO: SUCCESS TO CRISIS

Nadeem M Firoz
Montclair State University
Taghi Ramin
William Paterson University
Karen Yau
Baruch College
ABSTRACT
In 2002, the euro was introduced as a common currency in twelve European
countries. For many years, it has proven itself as a successful currency. It has resulted in
booming exports for powerhouse countries, such as Germany, and given peripheral countries,
such as Greece, low interest rates for many years. However, in the past decade, many of the
Eurozone’s countries are incurring massive debt problems, resulting in what is known as the
Euro Crisis. The Maastricht Treaty does not make any provision concerning the creation of a
strong federal institution to aid and oversee the conduct of national fiscal policies.