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.

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