The European debt crisis can find its roots in the development of the European Union. The ratification of the Maastricht Treaty set forth the rules and regulations that the eurozone countries would have to adhere to, however, these rules were not well enough thought out, and perhaps too ambitious. The creation of the euro was aimed to be Europe's greatest moment in its long history of violence and political upheavals. It was hoped that a single currency would solve all of Europe's economic woes, but, unfortunately, it would only lead to a much more dire financial situation for all countries involved. Institutional changes will have to be made both within the governance of the European and inside member states themselves which are detailed in this essay. Before delving head-first into how or why the European debt crisis began, and how to fix it, it is important to understand the political and economic structure of the European Union. There are currently twenty eight sovereign member-states, eighteen of which use its single currency. The creation of the European Union was initiated in effort to regenerate the war-torn European economy, as well as preventing any further violent conflicts post World War II by entangling European economies. The first step taken was in creation of the Council of Europe in 1949. Individual member states did not wield much power but what it did do was create a platform on which individual European leaders could meet on neutral grounds to discuss urgent economic matters (Council of the European Union). In 1951, Robert Schuman, French Foreign Minister, suggested the idea within the confines of the Treaty of Paris, of establishing a joint economic institution between France and Germany. Though these two countries were at odds, the agreement would establish a foundation of economic growth between the two nations. Being tied economically together would also prevent future military confrontations; a win-win situation. This agreement was coined the European Coal and Steel Community, which created a common market for coal and steel among the two member states (Cvce.eu). In 1958, a few years following the Treaty of Paris, the Treaty of Rome established the European Economic Community. The EEC established a "common market  within Europe and, essentially, eliminated individualized tariffs between member states and establishing a blanket tariff across the eurozone (Cvce.eu). The next major achievement in Europe came in 1992 when the Maastricht Treaty was signed. The treaty created what is known today as the European Union. This newly established political economic authority had mandate over central monetary policy, controlled foreign affairs, dealt with national security, transportation, environmental issues, the justice system, and tourism across all member states (EU Treaties). The goal of the European Union was to create economic policies, namely through the creation of a single currency, the euro, which would replace the currency of many of the member states. The central agency in charge of monetary and fiscal policy was vested in European Central Bank. The ECB wields enormous supranational power over the economic policies of the EU member states (Europe without Frontiers). Member states were slow to join the economic union but with established trust in central governance the European Central Bank was given the authority it needed to spread the single currency to new members to regulate monetary policy across the European continent and beyond. This is the main point of contention of this essay. The power vested in the European Central Bank invited the euro-crisis to occur by allowing financial regulators within member states and in the ECB to flirt between the lines of legality and morality. Regardless of what seemed like a robust economic union there were still many economists around the globe who doubted that the euro could triumph, and rightly so. In light of deep eurozone criticism across markets, it was a surprise to many that the euro was able to thrive for almost ten years unabated as it did --exceeding the worth of the US dollar at one point. For businesses during the euro's height, being a member in eurozone meant they were able to operate without the fear of drastic exchange-rate variations in the market. Sharing a single currency also allowed for easy travel, both for work and leisure, across member states without having to worry about exchanging currencies. However, as the years passed, the earlier prognosis of the euro crashing came true and the strength of the currency faltered under its own weight. The initial blow was due to the U.S. subprime mortgage collapse. The northern European countries had better control over their financial situations, however, the southern, or peripheral countries, were more unscrupulous in their handling of finances (Garton). In Greece, for example, overzealous public government spending, among other risky behavior, was what lead to their do