Your assignment is to prepare and submit a paper on the european debt crisis through economic theory. Later a twin debt blow has been considered as one of the most prominent reasons behind the European debt crisis. The twin blow came out of the banking crisis together with the previously mentioned extremely high sovereign debt. The European Central Bank (ECB) launched the single currency (euro) in 1999 along with the Economic and Monetary Union (EMU), aiming to gain monetary efficiency. An Economic and Monetary Union offers a series of monetary efficiency gains in forms of accounting ease among the member states that in turn reduces opportunity cost of transforming one currency into another, development among member states would be at par owing to reduction of any possible economic shock (that are often regional in nature), member states under an Economic and Monetary Union following a common currency would also abstain from inner inflow and outflow of speculative capital, furthermore policy formation among member states would be coherent and coordinated in nature that will eventually usher better economic growth and development. While fiscal irresponsibility on the part of periphery countries has been considered by many analysts as the root of the ongoing crisis, this paper argues that the impact on capital flows within the euro-zone of financial deregulation and liberalization and of the adoption of the common currency was critical in exacerbating a growing competitiveness gap between core and periphery countries and explaining the evolution of the crisis.

The crisis in Europe began when financial markets lost confidence in the creditworthiness of PIIGS countries (Portugal, Ireland, Italy, Greece and Spain) and interest rates on government bonds soared to astonishing levels that forced the governments of these countries to seek bailouts from the international community,&nbsp.including the European Community, the IMF and the European Central Bank (ECB), collectively known as Troika.

To illustrate the relationship between the “bio” and “psycho,” consider diabetes and depression. Although the exact mechanism is unknown, studies show that depression and diabetes might be linked (National Institutes of Health, 2011). The everyday stress of managing diabetes may contribute to the development of depression. At the same time, depression may reduce overall physical and mental health, making diabetes symptoms worse.

At all stages of illness, medical social workers must assess the presence and severity of psychiatric symptoms in the face of physical illness. In the presence of these symptoms, medical social workers need to understand the root of the symptoms. In the absence of psychiatric symptoms, medical social workers need to consider whether and to what extent patients might be susceptible to mental health issues. Completing an ongoing assessment of patients’ mental health status can inform and support medical social work interventions.

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