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14 Duq. Bus. L.J. 251 (2011-2012)
The Greek Debt Crisis: The Weaknesses of an Economic and Monetary Union

handle is hein.journals/duqbuslr14 and id is 261 raw text is: THE GREEK DEBT CRISIS: THE WEAKNESSES OF AN ECONOMIC AND MONETARY UNION Lauren Macias* IN TRO D U CTIO N ....................................................................... 251 I. The Historical Background of Economic and M onetary Union ......................................................... 253 II. The Three Stage Process of Economic and M onetary Union ......................................................... 255 A. Stage One: Cohesion, Cooperation, and Sovereignty ....................................................... 255 B. Stage Two: The Hasty Transition .................... 258 C. Stage Three: A Monetary Union with Economic Policy Coordination ........................ 260 III. The Greek Debt Crisis ............................................... 263 IV. Weaknesses in Legal Framework & New M easures .................................................................... 269 A. The Failures of the Legal Framework .............. 270 B . N ew M easures .................................................. 271 1. Reforming the SGP .................................. 272 2. The European Financial Stability F acility ..................................................... 272 3. The European Systemic Risk Board & the European System of Financial Supervisors .............................................. 273 4. The Basel III Agreement .......................... 273 C O N C LU SIO N ........................................................................... 274 INTRODUCTION Throughout the 20th century and into the 21st, the world has seen a surge in globalized business practices, which has inevitably led to the increased interest of countries in foreign affairs. Today, every coun- try, including the United States, is in some shape or form reliant on * J.D. Candidate Spring 2012, Duquesne University School of Law, B.S. Busi- ness Administration, University of Tennessee, 2009. 251

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