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Introduction: The European Policy
There can be no possible doubt that the crisis of the 2007-2010 has brought the most devastating changes to the world economics, changing the life of all countries across the world. Induced by the political inconsistencies and the lack of efficient strategies that could provide an efficient integration into the Eurozone, the crisis was actually the result of the unreasonable actions undertaken by the political leaders of the countries involved. Because of the half-baked decisions concerning the integration in the Eurozone had been taken, the Great Britain had to sign the agreement with Brussels concerning the further economical steps, which is likely to drive to the most unpredictable changes in the stability of England economics (Russo and Katzel).
2007-2010: The Financial Crisis
Because of the shift in the world politics, economics and the financial policies, certain problems have been revealed, which questioned the reasonability of the world integration. Like any other major change in the world policy, the globalization process dragged certain negative effects, among which the split between the countries is the most essential one. As Charlemagne explained,
In an effort to stabilise the euro zone, France, Germany and 21 other countries have decided to draft their own treaty to impose more central control over national budgets. Britain and three others have decided to stay out. (Charlemagne)
Hence, the split between Germany, France and Britain can be observed. Obviously, Britain is likely to suffer considerable changes. Moreover, Britain may even be under the threat of isolation. Comprised with the losses that the country takes as a result of the financial crisis, the aftermath of 2007-2010 is rather deplorable for the country. On the other hand, Britain will avoid the instability that the creation of the Eurozone will induce on the countries involved, which balances the aftereffects of the crisis for the United Kingdom.
Concerning the Main Issues: Count the Losses
Judging by the results of the crisis that took over Europe in 2007-2010, one must claim that Europe has to reconsider its ideas about the globalization process. Despite the initial inspiration and delight concerning the world integration, numerous countries are starting to express concerns about the ways in which the integration process can possibly backfire.
According to what Nicolas Sarcozy said, the integration process is doomed, at least from the economical viewpoint: “The bigger Europe is, the less integrated it can be. That is an obvious truth.” (Charlemagne). Hence, it can be considered that, because of the crisis, the entire globalization process is under considerable threat.
Conclusion: Dwelling on the Issues
Therefore, it cannot be doubted that, due to the crisis that gripped the world in 2007-2010, Britain is most likely to break its long-lasting relationships with France and the rest of Europe, which is highly undesirable and is likely to lead to the most deplorable effects on the economics of both countries, as well as the global economics.
Moreover, the concern about the single currency that is growing increasingly high at present, can possibly resolve in the unwillingness to maintain the stability of euro, which will put at stake the entire idea of the global integration.
Hence, the Great Britain should develop the strategy that would allow it to conduct its own economical and financial policy which does not conflict with the one of the Eurozone. With the help of the given compromise, the Great Britain will be able to participate in the world economical affairs, which the rest of the European countries will also benefit from, and keep trustful relationships with France.
Russo, Thomas A. and Aaron J. Katzel. The 2008 Financial Crisis and Its Aftermath: Addressing the Next debt Challenge. Washington, DC: Group of Thirty. 2011. Print.
Charlemagne. “Europe’s Great Divorce.” The Economist, 9 December 2011. Web. <https://www.economist.com/charlemagne/2011/12/09/europes-great-divorce>.