Abstract
During a certain period, the funny abbreviation "PIIGS" was to be found everywhere in the news; this referred to Portugal, Italy, Ireland, Greece, Spain, the five European "sick men", endangering the survival of the Eurozone itself. While their situation still remains critical, the debt of the Eurozone reached 7000 billion euros. Since its creation, the common currency has had its share of massive support (2nd biggest world currency, leading role in financial markets, etc) as well as strong opposition: inflation, criticism regarding the loss of monetary sovereignty, need of abiding by drastic "convergence criteria", etc. A single and unified currency was supposed to act as a shield against any big financial disturbance.
But the financial crisis that started in 2008 proved the contrary. Indeed, the Eurozone officially entered recession during the third quarter of 2008. Especially in 2009-2010, it showed a huge dichotomy between monetary policies decided and implemented by a unified system of central banks, parallel to national economic measures taken by national authorities willing to keep their independence leading to growing economic gaps. But the Commission and other bodies have acted, and Treaties have been modified. Many measures have been taken since that date, even though a lot still needs to be done. It is commonly admitted now that the economic governance must improve.
