Source of article: http://www.bbc.co.uk/news/business-20354081

After reading Stephanie Flanders article, an Economics editor from the Economics.com magazine. She expressed some though provoking ideas concerning the union and the financial crisis of the euro. In the article Flanders uses the word “privet state”, which is the country in which all other european countries will turn to. At first, I had the idea that Greece and Spain where the cause of most of the euro financial crisis, but after reading the article Italy seems to be the “pivot state”. In this case, pivot state could be interpreted in two different ways. The first one would be as the country that will save the euro-union from the crisis, and the second is the country that all other countries will turn against to save themselves. In my eyes, Italy would be the pivot state in which every other European country might turn against. Nevertheless, Germany and France have still a decent economic stability, being the pillars of the european union as well with the U.K. Yet, much work is needed within the union, too much has been spent and wrong decisions have been made leading to negative externalities. Unemployment and social unrest are common result of economic crisis, which the government shall take care of before further concerns are to be raised.

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