Europe and the debt crisis

You thought you understood Europe as a trading bloc? You were wrong. Here's a quick overview. Make a note of the definitions of the EU, Eurozone, Shengen and EEA.

Now that you understand a little about Europe as a trading block, you're ready to understand the European debt crisis. Here's a quick explanation.

Discussion questions:

1. What is the difference between monetary and fiscal policy?

2. What caused the European debt crisis?

3. Why must Europe either seek to unify politically or get rid of the euro and go back to separate currencies?