European debt crisis happened because of Greek debt crisis in 2010. The European Union helped Greece government pay its creditors. This made investors nervous about other nations, such as Portugal, Ireland, Italy and Spain. However, the European Commission has raised its growth forecast for the EU, saying that “the recovery has taken hold”.

Continued reform efforts by member nations and EU itself are succeeding. But I think that it takes so long time to solve this crisis entirely. Economic differentiation among EU member nations is very wide. For Europe’s biggest economy, Germany, it must be troublesome to help other states. On the other hand, in the nations which were forced to cutting in expenditures drastically, backlash against EU has become strong.

I think Euro is very wonderful currency. It connects the nations which had engaged with each other again and again, and it might become the key to avoid war. I hope EU economy recovers and cooperation with Asia also succeed.