Jason Voss, CFA, content director at CFA Institute, recently updated his overview and analysis of the European sovereign debt crisis which includes a comprehensive timeline of key events.
Most commentators trace the beginning of the European sovereign debt crisis to 5 November 2009, when Greece revealed that its budget deficit was 12.7% of gross domestic product (GDP), more than twice what the country had previously disclosed. However, the real origins of the crisis can be traced to the very structures that govern Europe’s institutions and to the players that govern European institutions.
The creation of the European Union as we know it today began with ratification of the Maastricht Treaty on 7 February 1992. The Maastricht Treaty provisions imposed stringent economic requirements, known as “convergence criteria,” that member states are required to meet before they could gain admittance to the common currency zone that has come to be known as the eurozone.
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