The EU and the Eurozone: Past, Present, and Future

40 Pages Posted: 10 Jan 2011

See all articles by Winston W. Chang

Winston W. Chang

University at Buffalo - Department of Economics

Date Written: May 10, 2010


The EU is a unique economic and political partnership between 27 democratic European countries. It has accomplished a great deal in promoting peace, prosperity, justice, freedom, solidarity, and participatory democracy for its 498 million citizens. The eurozone showcases the achievement of its deeper monetary integration. This paper aims at addressing the following topics: How has the EU developed? How does it work? How are the institutions structured and who makes the decisions? How does it pursue external economic policies? How does it promote internal economic and social integration? How has it deepened monetary integration through the creation of the eurozone? What are the shortcomings in the agreement on the Economic and Monetary Union? What are the current crises facing the EU, and the eurozone in particular? Are there legal obstacles in providing financial aid to Greece? What are the reform proposals aimed at strengthening the eurozone and avoiding future financial crises? And what are the future prospects of the EU and the eurozone?

Keywords: EU, European Union, Economic Integration, Common Market, EMU, Euro, Eurozone

JEL Classification: F13, F15, F33, F36

Suggested Citation

Chang, Winston W., The EU and the Eurozone: Past, Present, and Future (May 10, 2010). Available at SSRN: or

Winston W. Chang (Contact Author)

University at Buffalo - Department of Economics ( email )

453 Fronczak Hall
Department of Economics, SUNY at Buffalo
Buffalo, NY 14260
United States
716-645-8671 (Phone)
716-645-2127 (Fax)


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