ABSTRACT
After the common currency had functioned for a decade, serious problems appeared. Initially, European countries’ problems were mainly associated with the effects of the global financial crisis that began in the US in 2008. A visible eurozone crisis broke out in 2010. After a few years of struggling with the crisis, the eurozone as a whole is doing worse than the EU countries that have their own currencies, and the United States, where the crisis began. The scale and duration of the economic collapse in some case is comparable to the Great Depression of the 1930s, raising fundamental questions about the genesis of the crisis, the possible ways of counteracting it and the future of the eurozone.
