This document discusses the Euro Crisis and opportunities it presents for New Jersey businesses. It provides background on the formation of the European Union and adoption of the Euro currency. It then explains the causes and effects of the current Euro Crisis, including high unemployment across Europe. It argues the Crisis creates opportunities for New Jersey businesses to increase exports to Europe, especially if a new Transatlantic Trade and Investment Partnership is enacted to reduce trade barriers between the US and EU.

1. [TYPE THE COMPANY NAME]
The Euro Crisis & New
Jersey Business
Marissa Pie’ and Daniel Marr
New Jersey Business Action Center
8/12/2012
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2. “A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every
difficulty.”
― Winston Churchill
The entire continent of Europe is being haunted by unpredictable futures, inconceivable
deficits and sky-high unemployment levels in what has been deemed around the world as the “Euro
Crisis”. To classify the Euro Crisis of the early millennium as a mere difficulty would be an offensive
understatement to the millions of unemployed youth across transcontinental Europe. From six
countries that shared a common boarder to 28 countries that share a continent, the European
Union (EU) has grown into one of the most remarkable political and economic alliances in history.
Originally founded as the European Coal and Steel Community in 1951; Belgium, France, Germany
(West), Italy, Luxembourg, and the Netherlands are the founding fathers of the international
powerhouse that holds both political and economic merit across the globe. Today, 28 countries
share a flag, laws, foreign and security policy, and several even share a common currency, known as
the euro (“The European Central Bank”). In order to restore their economic prosperity, and frankly
the wellbeing of their citizens, governments of the member states, the International Monetary Fund
and the European Central Bank have been putting their best efforts towards improving the
economic climate of the European Union. However, in a world that has become globalized so
rapidly, there are doubts as to whether the European Central Bank and its governing member states
will be able to resolve this crisis without the help of the European Union’s global partners. For the
majority of nations around the world, the European Union is either the largest or one of the largest
of their trading partners. In fact, one of the founding principles of the European Union was to
promote harmonious and flourishing trade, not just around Europe but on a global scale. Therefore,
when the European Union is suffering a crisis, the shock is felt around the world. It is believed by
many that out of crisis opportunity is born, and for the state of New Jersey and its respective
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3. industries, the current economic state of the European Union may be the golden opportunity not
only to grow their business, but extend a hand to a fellow global citizen in need.
In order to understand the Euro Crisis and the opportunities it presents to businesses
around the world, it is critical to understand why the European Union and its common currency,
the Euro, was created. World War II reaped an exorbitant amount of killing and destruction all
around the world, particularly across the continent of Europe. In the wake of the war, Europeans
and their leaders were intent on ensuring that such destruction would never happen again. Soon
after WWII, Europe was split into two parts: East and West. In 1949, the Council of Europe was
founded by the West European nations, in what is considered the first step of trans-European
partnership (“History”, 1 of 9). Two years later, superpowers Germany, France, Italy, the
Netherlands, Belgium and Luxembourg signed a treaty to streamline the coal and steel industries
under one common management, by means of assurance that no country could manufacture its
own weapons and turn against the other, as had recently occurred during WWII (“History”, 1 of 9).
Because of the treaty’s success, these six nations extend the cooperation to other economic sectors
by signing the Treaty of Rome in March of 1957, creating the European Economic Community
(“History”, 2 of 9). The EEC created a “common market” that permitted people, goods and services
to move without restraint across borders. Subsequently, in 1960, Austria, Norway, Portugal,
Sweden, Switzerland and the United Kingdom signed the European Free Trade Association (EFTA).
By 1962, the EU started a common agricultural policy, which gave all the involved countries joint
sovereignty over food production (“History”, 3 of 9). The policy was so effective that there was a
surplus of product, and the EFTA countries made a deal to support 18 African colonies in what is
now known as the first international trade agreement signed by member states of the current EU.
But perhaps the most significant and resounding action taken by the EU member states was the
action to create the world’s largest trading group by removing all duties on goods flowing cross-
border in 1968 (“History”, 3 of 9).. The EU watched trade both within its borders and with the rest
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4. of the world grow immensely. However, trade reached a glass ceiling because of each country’s
respective currency’s inability to work in unison. In 1972, the European Union enacted an exchange
rate mechanism that allowed currencies to fluctuate against each other within a small margin
(europa.eu). This giant leap to maintain monetary stability is considered to be the first step towards
a unified currency. Despite the dissolve of customs duties in 1968, across the EU borders people
were experiencing difficulty trading because of varying national regulations. To resolve this, the
Single European Act of 1986 was put into place and after several years, the EU saw a strengthened
parliament and less restricted trade. The Treaty on European Union (also known as Treaty of
Maastricht) marks a major EU milestone when it is signed in 1992 (“History”, 5 of 9). Under this
treaty, the “European Community” formally becomes the “European Union”, foreign policy rules are
formulated, and most importantly, a clear framework is laid out for a single currency. The following
year, what is known as the single market and its four freedoms are established. The movement of
goods, services, people and money now occurs freely and seamlessly across EU borders, thanks to
laws agreed since 1986 regarding tax policy, business regulation, professional qualifications and
other barriers that previously hindered trade. In the year 1999, the Euro currency was introduced,
however its use was limited to commercial and financial transactions (“History”, 7 of 9). At this
point in time, the EU consisted of 15 countries, but three (Denmark, Sweden, the United Kingdom)
opted out of the currency use at its inception. Several years later, Euro notes and coins were made
available to all by January 2002 (“History”, 8 of 9). Although the logistics of printing, minting and
distributing the notes was a major undertaking, each participating country was able to adopt the
currency relatively easily and the Eurozone was born, consisting of: Belgium, Germany, Greece,
Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland. Although
they are still part of the European Union, Denmark, Sweden, and the United Kingdom do not adopt
the Euro and remain on their respective currencies.
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5. The Euro was created to liberalize trade for European Union member states both within the
EU borders and worldwide. A single currency simultaneously eliminates fluctuation risks and hefty
exchange costs while strengthening cooperation for a stable economy among what is arguably the
greatest trading block in the world. Before the euro, people spent millions in exchanging
currencies, which not only was an arbitrary cost, but an added risk and lack of transparency in
doing business. Upon its inception in 1957, the European Union’s priority was trade. With that in
mind, the framework was designed so that a “common market” would be created, in which goods
and services could be traded throughout the continent with ease. However, the lack of economic
cooperation and monetary consistency stunted the development of the “common market”, which is
why a common currency- the Euro, was introduced.
The Eurozone and the global economy reap both political and economic benefits from the
Euro. Politically, the euro allows for a tangible symbol of the EU citizens’ European identity and
encourages travel amongst the member states. From an economic standpoint, the framework from
which it operates is grounded in maintaining stability, low inflation and sound public finance. Prior
to Euro, the single market economy of the EU had logistical difficulties trading. A single currency
strengthens the market by increasing transparency, eliminating exchange costs and encouraging
investment. Simultaneously, it gives the EU and all participating member states a stronger voice in
the world. Because of its size and strength, the Eurozone is able to protect itself from economic
shocks.
Although it was created for a valiant and sound cause, many eurozone countries today are
suffering from what has been deemed as the “Euro-Crisis”, or deep economic recession. At its
inception, the euro currency established strict financial criteria to ensure the economic prosperity
and stability of the Eurozone. As listed in the Maastricht Treaty, they are as follows:
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6. • Potential members should not exceed the permitted ratio of government debt-to-
government GDP at 60 percent
• All participants are required to hold an average rate of inflation that did not exceed the
performance of the biggest three member states by more that 1.5 percent during the year
prior to joining
• All participants were to have average nominal long-term interest rates that did not exceed
the biggest three members by more than 2 percent (“Treaty of Maastricht on European
Union”).
To rectify this criterion, the Stability Pact was enacted by request of the Germans, and all violators
were required to pay fines. Further, it laid out a “no bail out clause” specifying that member states
would not be responsible nor assume the debts of any other member state (Sarotte). Despite the
“strict” regulation and supplemental Stability Pact, over the course of time, the European Union has
failed to run the common-currency area efficiently, as demonstrated by the sky-high debt and
unemployment levels many eurozone countries are experiencing. After its creation, policy-makers
were eager for the euro currency to succeed; therefore they mistook the number of members and
applicants to the currency as a measure of success (Sarotte). Therefore, weak economies were
allowed to join in spite of their lack of conformity Maastricht Treaty’s provisions. After adopting the
euro, these weak member states could borrow at the same rate as the strong economies due to the
European Central Bank’s practices, which lead to increased spending and eventually many
governments living outside of their means (Sarotte). Politically, this has become an issue. As more
and more member states joined the currency, decision making and policy enforcement became
increasingly difficult with more seats at the table.
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7. The current state of the European economy emphasizes two major issues in the framework
of the eurozone: the insufficiency of the Maastricht Treaty and the weakness, or lack thereof, of
Eurozone governance. Time has recently proven that the existence of a “no bailout clause” was not
sufficient to prevent the need for bailouts (Sarotte). The Maastricht Treaty contained no guidelines
regarding protocol in the case of inter-European financial rescue and as a result, governments and
financial institutions worldwide have been scrambling in order to resolve the massive amounts of
debt, oftentimes just intensifying the problem.
Perhaps the most resonating effect of the economic crisis in Europe is the sumptuous, and
still growing, unemployment level. Millions of people, particularly young people, across the
European Union are stuck without jobs. Before the crisis, the EU’s unemployment rate hovered
around 9%. In May 2013, according to the European Commission, the EU’s unemployment rate was
11% (“Unemployment Statistics”). The joblessness in the EU is is hurting those who just finished
their own college exams, the recently graduated youth and youth in general. Youth unemployment
has reached record levels. It has more than doubled the unemployment rate of the adult workforce
reaching 23.8% in May and rising (“Unemployment Statistics”). In countries like Spain and Greece,
youth unemployment is well above a upsetting 50% (“Unemployment Statistics”). In fact, according
to the Organization for Economic Co-Operation and Development (OECD), a total of roughly 26
million young people in wealthy EU countries are considered to be “NEETS” or Not Employed, or in
Education, or Training (Thompson). This means that an entire generation is growing up not having
learned key skills required to help grow professionally, which would help grow a countries
economy in the long run. The late 2000’s recession is the root of most of these issues stemming out
from issues like banks refusing to lend money to small and medium sized businesses, which in turn
diminishes said businesses from hiring more employees, especially those new to the workforce
(Thompson).
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8. The Euro Crisis and its effects are felt not only around the EU, but also by the entire global
economy. Although many of the EU’s partners are suffering greatly because of the economic
abasement, out of crisis opportunity is born, especially for the state of New Jersey. New Jersey’s
largest trade partner is the European Union. It is the 8th
largest exporter and the single-largest
importer of goods and services from the European Union in comparison with the rest of the United
States (US Census Bureau Foreign Trade Division). Throughout the past decade, trade trends
between the European Union and New Jersey have been volatile at times. At the beginning of the
2000’s recession, New Jersey exports into the EU fell dramatically. In 2008, New Jersey exports to
the EU reached a record high at nearly $11.5 billion, only to drop nearly 40% the following year to
$7 billion (US Census Bureau Foreign Trade Division). Exports slowly began to increase the
following two years until dipping again in 2012 half a billion dollars. Imports followed a similar,
though much larger, trend. There are signs of improvement in some of New Jersey’s top industries
like oil, which, in 2012, reached a record high exporting $1.7 billion worth of goods to the EU (US
Census Bureau Foreign Trade Division). As other industries in New Jersey continue to strengthen in
the aftermath of the recession, trade between the EU and New Jersey will increase increasing the
supply chain employment in both countries as more and more goods are exchanged between both
parties.
As demonstrated by trade data and buyer behavioral history, the “Made in America” mark is
a sought after brand worldwide, especially in Europe. However, the United States Government has
identified the Euro Crisis as particularly harmful to American commerce. Because the EU is such a
large trading partner, US exports to Europe could be impacted by the Eurozone crisis through
fluctuating exchange rates and aggregate demand in Europe (Congressional Research Service). The
value of the Euro has fallen against the dollar in recent months with intensification of the crisis,
which could subsequently lead to a decrease in US exports to the Eurozone and US imports from the
Eurozone to increase (Nelson, Belkin, Mix and Weiss). This is dangerous for New Jersey companies
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9. because it inhibits the creation of jobs, seeing that exporters realize higher employment growth
than non-exporters. As the euro becomes weaker, European stocks and assets seem more attractive
to American investors, drawing US capital out of the states and into the Eurozone. In his State of
the Union Address of February 2013, President Obama announced that his Administration’s plans
on negotiating a Transatlantic Trade and Investment Partnership with the European Union (Office
of the United States Trade Representative), a signal to people both in Europe and the United States
that both governments are committed to creating jobs and strengthening the economies across
either side of the Atlantic. The Transatlantic Trade and Investment Partnership (otherwise known
as T-TIP) opens up a plethora of opportunities for two way trade between the United States and the
European Union by increasing transparency, eliminating the costs of trade and cutting through non-
tariff barriers that impede the flow of goods (“Transatlantic Trade and Investment Partnership”).
Essentially, it streamlines the two economies so that trade can occur easily, quickly and at a low
cost. The desired effect is to increase exports, as part of President Obama’s National Export
Initiative, create jobs, and save money for consumers. How can this help New Jersey business seize
the opportunities presented by the Euro Crisis? The T-TIP seeks to eliminate all of the hefty tariffs
associated with trade. Being that American goods are constantly in high demand by Europeans, this
will highly benefit New Jersey companies because they can transport their goods at a lower price.
Because of the crisis, many European manufacturers are at a standstill, leaving the supply chains
are sitting idly. Here is presented an opportunity for New Jersey business. By sending goods to
Europe, at a low price because of the T-TIP, New Jersey companies are not only exporting to create
jobs domestically, but helping to re-activate the supply chain abroad and hire a European. After T-
TIP negotiations are set in stone, EU companies will be especially eager to trade with American
companies because of the low costs and elimination in trade barriers. New Jersey is at an advantage
because of its efficient powerhouse port, Port Newark. Port Newark already sees two way trade
with the EU, and after the T-TIP is further established, its strategic location and seamless logistics
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10. are sure to make it a prime location for flow of US-European trade. The European Union is
recognized as the world’s largest trading block, accounting for on e third of total goods and services
traded and nearly half of global GDP (Office of the United States Trade Representative). The mere
existence of the T-TIP demonstrates that in spite of an economic crisis plaguing the European
continent, American goods are still in high demand, presenting many an opportunity for New Jersey
companies, particularly because of Port Newark.
The International Monetary Fund (IMF) is a world-renowned advocate for global growth
and economic stability for its members. They have identified a key issue the EU crisis is facing in the
headache that weak banks are causing. Weak banks have plagued many areas in the EU with their
own inaccuracies in their balance sheets. These banks are considered “weak” because in question
over and over again are the quality of their assets, which damages their reliability from an
investor’s point of view and obstructs new private capital injections (“2013 Article IV
Consultation…”). In 2012, it was expected that a number of EU banks would have to reduce their
bank balance sheets by a stunning €1.5-€2.5 trillion in order to bring their balances back to a true
equilibrium (“Eurozone 2012”). In order to combat this problem, these banks are in need of balance
sheet reform and structural reform; they must look to the help of an independent party in the
financial services industry to help. New Jersey’s financial services sector grossed $40.8 billion in
2012 and now has the opportunity to reach out to these banks in need of help with their balance
sheets and other structural issues (US Bureau of Economic Analysis). With balance sheets
refinanced and restructuring to prevent further crises, EU banks will receive renewed confidence
with the help of New Jersey, and will be more willing to lend out again to small-medium sized
businesses again which will, in turn, benefits their fight against joblessness while increasing New
Jersey growth as well. Also, European countries have historically proven to be consistent investors
into the state of New Jersey, contributing two-thirds of foreign direct investment into the state, thus
creating over one hundred thousand jobs over the past several years (“Getting to Know Europe”).
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11. The Euro Crisis has given birth to a number of opportunities in the infrastructure and
energy sectors. The EU and IMF financial support packages provided to Portugal, Greece, and
Ireland are conditional in that those countries take action on curbing their public deficits
(“Eurozone 2012- From Crisis Comes Opportunity?”). In order for certain European countries to
receive financial support from the EU and the IMF, they have to meet certain economic conditions
and make steps to curb their deficits. Much like when a company is in need of selling off its assets to
stay profitable, Greece and other European countries are doing the same. These sectors that are
being sold off piece by piece by countries like Greece and Portugal across Europe and are open to
foreign-direct investment. If New Jersey companies are attune to these “liquidations”, they have the
opportunity to invest in these assets. With the EU economy beginning to turn around, this could be
the perfect time for New Jersey to profit from these assets being sold off which then has the
potential of retaining and growing jobs in the EU to help combat their high levels unemployment.
Among the assets being privatized are airports, airlines, ports, trains, and interests in the energy
and communications sectors. It is not a far-off prediction that other countries who fear IMF
intervention may attempt to sell state assets as well. By these nations actively seeking out private
investment, it is if opportunity is knocking on the state of New Jersey’s door. One of New Jersey’s
key industries is the transportation, logistics and distribution industry cluster. In 2011, TLD
(transportation, logistics, distribution) employed over 355,000 workers across New Jersey (“New
Jersey Key Industry Clusters”). New Jersey’s ports handled 155.6 million short tons of cargo in
2009, ranking it 4th in the nation (US Census Bureau Foreign Trade Division). This demonstrates
how the TLD industry of New Jersey are qualified to invest in and manage the ports, airlines and
tramways that are up for privatization in Europe. This not only resuscitates life into dead
industries, but can relive some of the unemployment, particularly in the engineering field. If NJ
companies buy European state assets such as the airports and transportation lines, there is a ripple
effect of advantages. First and foremost, it helps out the European government in need by
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12. decreasing their deficit. Second, privatization revamps the asset thus creating jobs for Europeans.
And third, although it is a more long term effect, the private New Jersey company who is in this case
the stakeholder will reap the financial benefits once their newly acquired asset starts to see
prosperity. And, from a more analytical perspective, if New Jersey companies control the roadways,
airlines and ports in Europe, they can control trade logistics on both sides of the Atlantic, especially
with the Transatlantic Trade and Investment Partnership negotiations underway. The energy
industry of New Jersey can seek opportunity in Europe as well. In 2011, New Jersey Governor Chris
Christie issued the New Jersey Master Energy Plan, which prioritized and laid out the criteria for
advancement in clean energy research, development and implementation across the state
(“Building New Jersey’s Energy Industry”). As of 2013, there are more that 400 solar companies at
work in New Jersey, providing services ranging from installations to manufacturing to financing to
legal support (“New Jersey Solar”). Portugal and Greece in particular have expressed the need to
sell energy assets, presenting an opportunity to the growing solar energy sector of New Jersey.
Historically, FDI between the United States and Europe has proven to be a financially beneficial
strategic decision. In terms of down the road effects, if New Jersey companies invest now and help
out European governments by purchasing these public assets, once the Euro Crisis dissolves the
state could reap both political and economic benefits in the future from its actions now.
Across the board, there has been a decrease in exports from New Jersey to the European
Union because of the Euro Crisis. With less disposable income, Europeans are becoming more
frugal in their spending. However, throughout the past several years, one sector of New Jersey
exports has not only been exempt from a decline in exports, but has managed to increase:
chemicals and the manufacturing associated with them. The chemistry industry of New Jersey is
one of the state’s most booming sectors, directly employing about 60,000 people and indirectly
contributing over 370,000 jobs to the state’s economy (Tinman). According to the Chemistry
Council of New Jersey, the state is the eighth largest chemical producing state in the United
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13. States. In the chemical manufacturing field of New Jersey, 41% of jobs require high levels of
education (Tinman). With the sky-high youth unemployment levels across the European Union,
there are hundreds of thousands of young people with college degrees struggling to find jobs.
Because there are so many outstanding chemical manufacturing companies with locations or
even headquarters in New Jersey, such as Dow, Honeywell, Church & Dwight, Novartis, and
Bristol Meyer-Squibb, there is opportunity for partnership with all of the young graduates or
existing chemical companies in Europe who are looking to expand their business whether it be
through trade, research and development or organic growth. There are natural resources
available abroad in European countries that are not available in New Jersey, and for a New
Jersey chemical manufacturing company that presents opportunity. Where there are resources
in workforce and natural resources, there is room for expansion.
The current economic state of Europe is tragic, and is does not bear the name Euro
“crisis” in vain. Although there are millions of people, particularly youth, left unemployed and
miserable, the crisis abroad presents opportunity to New Jersey business to both grow and help
a neighbor across the pond. After careful risk calculation and market research, it is safe to say
that for the majority of companies that have sound existing financials, investing in Europe right
now in spite of the crisis not only will help give a job to someone but may be a strategic move for
business. Like any investment, it is high risk, but perspective is key and it is important to
determine the long term effects that a New Jersey company could experience from aiming to
resolve the Euro crisis.
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