European identity, that is to say the unification or integration of Europe, is associated with the European Union ( EU). The EU consists of 28 member countries, more than half of the European countries have already joined the EU for years and the EU thus unifies Europe. The Eurozone crisis is an ongoing crisis that has affected Eurozone countries since early 2009, when a group of 10 Central and Eastern European banks requested a bailout. Therefore. The crisis has made it extremely difficult for countries like Greece to refinance their public debt without help from third parties such as the European Central Bank (ECB) or the International Monetary Fund. Many will say that the Eurozone crisis is over. In fact, if the Eurozone crisis were truly over, Greece would no longer ask for aid, as shown in Figure 3, which shows growing debt from 2009 onwards, or the unemployment rate in Spain would not stop to increase, as shown in Figure 2. As a result, economic growths have been slow and sovereign debts have accumulated, meaning that the Eurozone crisis is far from over as long as economic growth and unemployment will not be stabilized. The Eurozone crisis across Europe can be blamed on the collapse of financial globalization, international trade imbalances and the housing market bubble. For example, Irish banks created a huge property bubble due to lending to property developers. This action caused some Eurozone countries, such as Ireland, Italy and Greece, to increase their sovereign debt relative to their GDP. “Rochet and Tirole use monitoring as a means of triggering correlated crises: if one bank fails, it is assumed that the other banks did not monitor properly and a general collapse occurs.” (Allen and Gale, 2000, pp. ...... middle of article ...... there be minimal because inflation is not taken into account. In conclusion, it was only a matter of time before the eurozone finally disappears a crisis like that of 2009. When Greece joined the eurozone, it did not meet the Maastricht criteria Many other countries, such as Germany, also. been allowed to enter the Eurozone, even though Germany took at least 7 years to do so. How can we say that the Eurozone is viable when the political institution can't even follow the policy. However, failure to follow established policies will hamper the economic recovery of the Eurozone and challenge its viability, behind all the policies introduced or suggested by the decision-making institutions lies a generation. 'monetary institutions capable of reacting quickly and in time to generate sufficient reforms to stay the course..