Over the years, we have been introduced to a digital transformation, which has created and shaped communities around the world. Digital technologies have introduced newly evolved ways of how the world interacts, operates, and most of all, conducts exchanges. In the current economic hardship and the Covid-19 global pandemic, the European Union has had to face many operational and structural facts, one of them being the strength of the fiat currency; the Euro.
The European Economy Operates via a Flawed System
Since the introduction of the Euro, the currency has been in a consistent debate, regarding its strength and endurance within the global exchange.
This specific criticism is defined by a strategic error, showcasing a dominant flaw; specifically, the Euro not having a strong asset-backed united economy. The fault has been well argued for the fact that the creation of the Euro intended to mimic the firm stance and ability of the US dollar, yet the European Union is still divided via an economic standpoint between members.
Although opinions may vary, one cannot argue the strength of the organizational base of the US economy and consistency of the USD currency portraying a ‘robust’ stance even with the turmoil of changes the year 2020 has presented.
‘This is why the US economy was more prepared for the Covid-19 pandemic. The European economy operates via a different…maybe, one could say, a flawed economic system, and therefore it becomes more vulnerable to change of regulations and stabilize operations during such times’ – Simone Mazzuca
With that in mind, the economic hardship for individuals and businesses within the EU could be reduced by the creating regulations which embrace current and future digital technological possibilities.
‘The basis of Europe has a strategic position through the exchange and global power, however, in its current stance with addition to BREXIT, Europe finds itself in an even…