Georgios I Zekos 
United States of Europe in Place of the European Union [PDF ebook] 
Economics, Law and Politics

The signing of the Maastricht treaty created economic structure and institutions, and set in motion the process of adopting a common currency. The euro is, among many things, an economic project that sought to advance standards of living by escalating the competence of resource allocations, taking up the principles of comparative advantage, boosting competition, taking advantage of economies that were to scale and strengthening economic stability. The euro-zone is made up of 19 countries sharing a common currency – the euro – symbolizing the most modern stage of more than 50 years of European integration. Structurally, Europe is caught in a malfunction triangle between national politics, European policies and global markets. Moreover, the democratic politics of the EU have remained national, and a single currency is established without establishing a set of institutions facilitating a region of Europe’s diversity to operate efficiently. The euro-zone has been going through a lengthened period of weak economic activity and very low inflation. There is a need to strengthen Economic and Monetary Union based on political stability, so as to upsurge its resilience to economic shocks. To this extent, uncertainty and political fragmentation amplify significantly in the aftermath of financial crises that are particularly economically destructive, which makes crisis resolution more problematic. The crisis across Europe has led to a failure in confidence in European institutions, leading to a political fragmentation of positions among member states, stirring up nationalistic instincts that impede decision-making and avert the formation of a common growth strategy. Nevertheless, it is essential to move towards the establishment of the United States of Europe in order to avoid the collapse and disintegration of the EU.