The development of European integration in the light of the Greek economic crisis

This article uses the Greek debt crisis in the context of European integration, elaborating the process of its outbreak, analyzing the domestic and international contributing factors of the crisis, and researching the role of various countries as a member of EU in the process of its resolution, in an attempt to draw a conclusion about its further influence of on EU. The EU took a length of more than 50 years to evolve into an enormous association with well-established economic systems. For many years, EU seemed successful, as the euro stimulated the integration of capital market and trade development. However, with the Greek financial crisis beginning, it seems that Eurozone members can no longer be seemed to be insulated from the financial collapses. The Greek crisis was mainly caused by the unbalanced economic structure of Greece, together with other external factors such as inherent flaws in the institutional design of the Eurozone, incongruity between the economies of member states in the Eurozone caused by their structural differences, etc. Countries within EU reacted in various ways, and by comparing these positions and elaborating how they reached agreements, we can conclude that the crisis make these countries rethink and amend the monetary system of EU, especially about how to response to economic crisis, which is of positive significance for EU, despite the huge economic losses caused by the crisis.