World Regional Geography: Europe, Russia, North, and Middle America

World Regional Geography
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Europe: Euro Crisis
The recent "Euro Crisis" revealed the financial consequences of having a unified monetary union that lacks a substantial system of monetary laws to fit the economic conditions of a member country (Copelovitch, Frieden, & Walter, 2016). In the case of an economically weak country in the European Union, resolving the euro crisis is almost impossible because of the lack of fiscal policy coordination, which adjusts the laws, taxes, and spending of a country that could fit its economic strength (Ferrara, 2019). As a result of having no fiscal policies, countries have had accumulated higher debt than their GDP (Gross Domestic Product) such as Greece, Italy, and Portugal (Wood, 2019). These countries struggle to control their debt and overspending since their economies are tightly linked with the Euro (Wood, 2019). Political conflict among nations clashed over EU countries because of the lack of balance in debt and payment ability of economically weak EU countries (Copelovitch, Frieden, & Walter, 2016).
The economic implications of the Euro show the possibility of countries exiting the EU rather than finding new prospects. The Euro crisis also implies that the members need to sacrifices their domestic economic goals, such as increasing the taxes, decreasing government spending, and increasing debt payments to achieve economic stability. Additionally, EU members with stable financial situations are asked to shoulder some of the debt of some countries support the deteriorating economic situations (Copelovitch, Frieden, & Walter, 2016). These conditions and challenges in the EU show a low degree of attracting new prospects in the European Union, especially if the new prospect is economically stable. The new prospects can be exploited for the economic gain of other members, thus showing a low chance of attracting new countries entering the EU. Unless the EU made a unifying law to change the members overspending and increase their GDP, the EU countries will just accumulate debt and conflict.
In my opinion, the European Union has been bad for the realm. Although EU policies made business and transportation across national borders easier, EU policies lack strength in maintaining economic stability among member nations. This led to business expansion and exploitation of the workforce in other countries as well as indiscriminate immigration of different populations to different EU countries. In business expansion, large and established businesses can easily enter another country’s market, thus, preventing local markets to flourish. These large businesses can exploit the countries with weaker economies as a cheap source of labor to further increase their profit. In immigration, the increase in population can exhaust the resources of different countries since fewer documentations and restrictions are implemented. Additionally, easy travel across national borders can result in an increased possibility of crime and terrorism that can lead to international conflicts and racism.
The EU presents a member country with capital investments and access to resources; however, t...