Why Are Spain, Ireland, Greece And Italy Sometimes Referred As The Euro Zone's Book Review Example

The European central bank establishes policy for all countries that use the euro. Among these countries, there is disparity in economic development and strength. The euro as an international currency is used in many transactions in many countries within the euro zone. Any economic decision made by the ECB and the countries that are at the core of the euro zone potentially affects the economies of Italy, Spain, Greece and Ireland.
Germany and France are strong economies in the euro zone and trades with relatively weak economies in the zone on a day-to-day basis. They largely control the euro and determine the economic activities of the weak economies such as Italy, Ireland, Greece and Spain (Carvalho et al., 86). These countries have little say when it comes to making key decisions regarding the euro although any decision made affects their economies too.
The WTO advocates for inter-state and international trade agreements to boost economies of countries. As such the euro zone may enter form custom unions with the above countries, create a free trade area or a common market with this countries. Currently, there is an increase in the number of economic agreements signed by various economic zones and creation of PTAs. In this way, the countries find themselves using the euro in most transactions and any policy passed in favor or against the euro subsequently affects their economies. In addition, any political decisions made at the central of the euro zone create effects that are felt by these countries (Carvalho et al., 86).
Additionally, these countries are not in apposition to avert using the euro as they also reap from its global performance and they need to boost international relations. They are thus said to be at the peripheral of the euro zone since their economies largely depend on the policies made by the strong euro-using economies though they hardly influence the euro.

Work cited

Carvalho, Vasco M, and A C. Harvey. Convergence and Cycles in the Euro Zone. London: Centre for Economic Policy Research, 2004. Print.