EURO zone: crises, exit strategies, risks
The eurozone is slowly emerging out of an existential crisis, which threatened its existence or could cause it to partially disintegrate.
The first time such a risk occurred was in 2012, when the stabilisation of the financial markets was the result of a daring declaration by the head of the European Central Bank (ECB) about its readiness to use all means of monetary policy necessary in order to defend the Economic and Monetary Union (EMU). The second time this happened was in 2015, when the future of Greece as a member of the eurozone came into question. Painful experiences of crises indicated a number of weaknesses within this monetary system.