Europe divergence within EU. He states that Germany is

Europe
consist of many well-regulated financial markets in many fields from banking to
technology. But, Europes’ economy has started to challenged by some political
and economical issues. The core debate for Europe must solving sovereign
government debt and eliminating threats for Europe’s banks because in  my opinion, 2008 global crisis is the main cause
of the economic instability of Europe and it mostly affected small counties which
has own debt problems like Greece.  It is
obviously seen in Europe that unemployment becomes the most important for many
countries in Europe. According to Keen(2017), average unemployment in the EU is
8.6% and there is instability and divergence within EU. He states that Germany is
fine in unemployment rate. Also France and Italy that are respectively second
and third largest economies have 10 % unemployment rate. However, for Spain and
Greece, the circumstances are different because they are suffering from high
unemployment rates of 20%. In Spain, rather than excessive government debt, the
crisis caused by excessive private debt. As a result, by obsessing only
government debt and completely ignoring private debt is the actual reason of EU’s
crisis in 2008. Unemployment crisis is an political crisis on the other hand
and it is correlated with those issues. In addition, with the effects of 2008
global crisis,  not only economy of EU
affected but also political side affected.  Brexit  (Britain & exit) is the consequence of
political and economical instability in the EU. Britain has the second largest
economy in the EU, making biggest contributions to the EU budget and have a
significant military and nuclear power. For Britain, EU is not a free trade
area and it wants to exit for free trade with the World outside the Europe. And
in my opinion, it want to exit because of in order to have a more stonger
democracy and more financial and economical stability. According to
Newsome(2017),  the EU is illiberal and
antidemocrat in the region of liberal and democratic states. If I want to talk
more about the Europe, todays world order is tend to shift to the East – China,
Japan, India. Until today, the world we live in has shaped by Europe. Capitalism
and democracy embodied with Europe. many countires in the world are following
the Europe as economically and politically – the case of liberal democracy and
liberal economy. But, maintanence of Europe is a question mark for me because
nowadays Europe has some problems including high unemployment rate, especially
Greece and Spain, excessive government debt and private debt crisis and some
financial instability. Maybe, these problems can cause chanes in a new world
order .