Özet:

European integration process has reached stage of economic and monetary union nowadays. European Union met European Exchange-Rate Mechanism crisis and the ongoing Eurozone sovereign debt crisis during this integration process. Although European Exchange-Rate Mechanism crisis is a currency crisis which arose from a speculative attacks to foreign exchange rates and Eurozone sovereign debt crisis is a debt crisis which has arisen from the negative effects of global financial crisis, differences in development levels and competitiveness of member countries have significant influence on both crises’ developing. This study firstly examines historical development of European integration, European Exchange-Rate Mechanism crisis and Eurozone sovereign debt crisis and then conducts a comparative analysis of Eurozone sovereign debt crisis and European Exchange-Rate Mechanism crisis.

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