Subject The article addresses the problems related to the current crisis in the euro-zone and analyzes various forms of crisis in these countries. Objectives The paper aims to identify major factors that caused the observed crisis phenomena, to prove that the directions and intensity of cash flows between countries and territories underlie the nature of the money supply distribution in the euro area. Methods I selected, classified and analyzed statistical data showing the dynamics and the state of the euro-zone economy. I offer original periodization of processes that have occurred in the euro-zone since the transition to the single currency. Results I identified factors causing the negative trends in the economic development of the euro area. The main determinant of economic crisis in the number of euro-zone countries is the uneven distribution of money supply between euro-zone countries and territories. It entails the lack of money supply in the recession-hit States. Conclusions The main cause of the crisis in the euro-zone is the common currency functioning, or the only currency, to put it more exactly.
Keywords: debt crisis, common currency, economic territory, distribution, money supply
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