European Union Financial Crisis Education Coursework (Coursework Sample)

European Union Financial Crisis
Name
Institutional Affiliation
European Union Financial Crisis
Introduction
The European Union comprise of member states with different levels of social, economic development. The core objective of the European Union cohesion policy emanates from the desire to alienate development disparities prevailing between the member states (Tropeano, 2018). Statistics indicate in 2007; the European Union represented approximately 30.7% of the nominal gross domestic product. However, the global nominal gross domestic product has since declined to a paltry 21.7% in 2016, indicating the economic position of the European Union declined enormously as compared to the rest of the world. In combating the crisis, the European Union has pioneered in developing the model of regional economic integration, by process of regional consolidation that has progressed, over the decades from a simple trade block to a complete monetary union. This study identifies the primary elements and economic dynamics of any current socio-economic crisis in the European Union.