The Origin of Euro Zone Crisis: the Solvency Crisis or the Crisis of Loss Monetary Sovereignty?

Since world financial crisis, the Euro zone countries have arisen with huge government debts because of the governments budget deficit policies, which is the so - called "Euro Debt Crisis" and has affected seriously the economic recovery in Europe and the world. The optimal currency area theory is the theoretical basis of the euro currency system which ignores the connotations of the modern monetary sovereignty. While the sovereignty monetary theory embedded in the monetary sovereignty to the understanding of modern monetary and macroeconomic, monetary sovereignty is the core of the sovereignty of a country's economy, effective government regulation of the economy, an important system to protect against risk and governance crisis. By the euro currency integration system, the countries of the region have lost the monetary sovereignty, which makes a variety of policy of one country be "outside biochemical" and "standardized", which should have been due to different national conditions and independent decision, thus many constraints have been applied to countries in finance, interest rate and exchange rate, which greatly weakened the ability of governments to regulate the economy. Therefore, the appearance of the debt payment crisis is the monetary system crisis, and euro non - sovereign system is the basic cause of the problem. [ABSTRACT FROM AUTHOR]