| Member states of the Eurozone are undergoing a turbulent period both domestically and internationally. On the national front, many countries, including Greece and Spain, have been led to early elections or the collapse of their government as a result of the serious financial and economic crisis. Reforms have been hailed as the panacea to the affected member state's woes. These reforms have mainly addressed the need to reduce costs, often via labour market reforms.;When analyzed in detail, the countries which are now under scrutiny did not undertake these necessary reforms during times of economic prosperity. Political determination for change was not matched by willingness to upset the civil society in the short term. Far-reaching measures must now be implemented in the labour markets and taxation policy convergence should be explored. Only real reform can ensure a future for any member state within the Eurozone. |
