Europe is only one economic union in the world and has set standards for many people and regions across the globe. Where the rest of the regions in the world have just managed to move one step above the preferential Trade Agreement (PTA) to Free Trade Area (FTA) and not more than binary customs union, European Union (EU) is at the top of the hierarchy of the economic integration. And the reason why European Union lies at the top of the economic integration is that it has Free Trade Area, Customs Union, Common Market and the Economic Union (EU). The region has a common central bank and a common currency also. Most often it is governed by a common monetary policy too but the countries are allowed to create their own monetary policies too complying with the common monetary policy of course.

Literally speaking, the economic union is the best possible destination of the economic integration and EU, since it has reached there, should be acquainted with the most of the economic benefits but as every coin has two sides and every medicine some side effects, EU is going through the disadvantage period these days. When any one of the economy in the union suffers, the whole region is affected. And this is happening in Europe also, we studied lots about why that happened, where it started from and so on but here we will try to other than discussed dimensions. Eurozone has been suffering these days and recently the European Central Bank (ECB) has revised down its growth forecast as the anticipation is to stay lower. The region projects to contract by 0.6% this year, which was estimated to be 0.5% previously. The president of the ECB still feels that the economy is in the downside risks but the economy sill start revival in 2014.

Going to 2014, the ECB has also revised the growth rate and now the expectation is that the economy will grow by 1.1% in 2014. Mr. Draghi, the President of ECB, said in a press conference stating about the downside risks- “They include the possibility of weaker than expected domestic and global demand and slow or insufficient implementation of structural reforms in euro area countries”. “Export growth should benefit from a recovery in global demand, while domestic demand should be supported by the accommodative stance of our monetary policy and by the recent real income gains due to lower oil prices and generally lower inflation”, the president said.

As a matter of fact, the Eurozone has been declining, and the zone contracted by 0.2% in the first quarter of this year, which is also the continuous sixth quarter decline. Talking about the French economy too, the GDP fell by 0.2% in the first quarter and the unemployment has reached 10.8%, quite high for France, highest since 1998.

This is how the Eurozone has been fighting with the problems within, since many of the energy processing plants are in Europe, impacts can be observed. The market has become volatile there that an exact pattern of impact cannot be explained now itself.