Pandora box: The eurozone and the euro crisis

The global economy has experienced considerable turbulence since 2007. The fnancial crisis has been viewed as the trigger for a prolonged period of eco- nomic decline. This decline remains an issue for all member states of the European Union, the eurozone and beyond. We argue genesis of this crisis lies in the integra- tion negotiations of 1991, ratifed in 1992. These produced a fawed economic mod- el within the eurozone. Given the seeds of decay were planted at origin; we argue the solution can be found through a reconstructed eurozone via looser integration, where countries less equipped to deal with the realities of closer integration will be economically independent.