26.01 The ‘eurozone crisis’ is the product of several, interdependent challenges that have coincided in the euro area, or eurozone, the single currency area of the European Union (EU). It is characterized by high levels of sovereign debt and elevated sovereign borrowing costs in the mostly southern, peripheral euro area member states and Ireland;2 hence it is often referred to as the eurozone ‘sovereign debt crisis’. However, it also impacts euro area member states that do not have a sovereign debt problem, but which, through concurrent political, financial, and...
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