Impact of euro on economical and debt development in southern countries of eurozone

This diploma thesis discuss the influence of the euro currency on economical situation and its development in Italy, Portugal, Greece and Spain. It is also concerned with the debt crisis which these countries are passing through. First, I analyze development of these countries in the last 20 years prior to entering the eurozone. After that, I focus on the fulfiling of Maastricht criterias and Optimal currency area theory, mainly the convergence of business cycles. Next chapter puts in place the questions of positive expectations, which should have be brought be the euro. In the fourth chapter the work shifts in time to the period after adopting the euro and it analyses the development of several macroeconomic values in the years 2001 - 2010 in southern countries. The results of these research are explained with focus on the influence of the euro. Last chapter concerns about the path of Italy, Portugal, Greece and Spain to the debt crisis, which peaked by the incapability of further finacing some of these countries. It research the possible effects of euro as well