Greece was considering to join the Eurozone. This was in a bid to consolidate her economic and political stability. In turn, this was thought to be able to spur both economic and social growth. It was believed that in aligning with the eleven-member block, Greece would buffer her economy from uncertainties happening in foreign places. This, in turn, would allow the government to achieve her goals especially the drachma investment plan in the year 200-2006. It had become clear that international oil prices and surrounding environment wars were harming the Greek economy hence the necessity to join the zone.
The government believed that a monetary and economic union would protect the country from these upheavals that characterized small and isolated countries. To implement this, the introduction of the drachma was entered into the European exchange system in 1998. The adoption of the euro currency also mitigated the effects of the dependency on the dollar. On the whole, such changes could leave the country well off in terms of development. According to Heath (2009), British bankers are faced with the problem of jobs-destruction.
This is because of the financial meltdown. The national debt has soared and as a result, there may be a need for a tax hike and a cut on government expenditure as the economy tightens her belts. A review of the British economy shows a downward tendency, given that it operates under the buffer zoning area of the European Union, it shows that the system of adopting buffer zones may not be the ultimate answer. The sterling pound has been on a downward trend, something which points to the vulnerability of the economy on the basis of the world financial meltdown. Whereas the case of Slovakia and Greece present a positive view on buffer zoning as exhibited by the gains made, the reverse is the scenario in the Britain case.
So the question becomes, to what extent does buffer zoning cushion a country from global economic shocks?
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