Last year people were discussing how long euro will be used. Now, at 2013 the discussion turned into what they should do or change to keep euro zone economy alive. Their main goal is to find a solution to avert future crisis.
There are still some European countries which uses euro but they are in a hard-pressed situation. Economy is on the decline. 17 members of the euro zone economy are shrinking in 9. As Jack Ewing stated, “Many businesses in Spain, Italy and other countries can’t obtain credit.” They are very near to crisis.
Also their banks stay weak as they are trying to solve their problems adamantly. For example, Bundesbank is the central bank of Germany. The president of Bundesbank Jens Weidmann said, “At the moment of crisis seems to have calmed down somewhat,” as Allgemeine newspaper published it. “But the underlying causes have by no means been eliminated.”
Some predictions turned out wrong. Greece is still on the euro zone. Spanish and Italian bond yields. And contrary to expectations, populist, anti-euro political parties failed to reign in the economy.
This news is about Nozick’s “own good life” statement. Even though all the crisis and economic shrinking, they are trying to keep euro alive. They are fighting with financial problems but they believe that this crisis will end for good as soon as possible. As Nozick states, sometimes life doesn’t play fair but you should work hard to earn money or reach your goal instead of pitying yourself. In this news euro zone economy tries to protect them from being threatened by their governments with bankruptcy.
In conclusion, in this news Nozick’s theory put the euro zone economy and the banks on trouble because they wanted a libertarian system. They thought that they had right on their money and nobody else should mix into their business. They didn’t have laws so they couldn’t control too much freedom.
Bibliography: http://www.nytimes.com/2012/12/31/business/global/in-europe-debate-slowly-shifts-to-speed-of-a-recovery.html?pagewanted=all&_r=0
