Tülay Yıldırım

İstanbul Medeniyet University Turkey

yildirimtulay@hotmail.com

Did the euro trigger the European dept crises?

Abstract. The European integration process has now reached the stage of economic and monetary union. European Union met the ongoing Eurozone sovereign debt crisis during this integration process. The debt crisis first emerged in Greece in 2009 and then became a Eurozone debt crisis by spreading within 2 years to Ireland, Spain, Portugal and Italy. This study will seek answers to whether the integration of uniform currency caused the European debt crises. In order to understand this, first the emergence of the European debt crises and its possible causes will be discussed and then the data and current situation of the crises will be analyzed with the help of micro- economic facts.

Received: March, 2015

1st Revision: May, 2015

Accepted: July, 2015

DOI: 10.14254/2071-

8330.2015/8-2/4

JEL Classification: E50, O52, F34

Keywords: European Union, Eurozone, Euro Sovereign Debt Crisis,