Business Outsourcing Functions Management †Myassignmemthelp.Com

Discuss About The Business Outsourcing Functions Management? Outsourcing is the process in which a company came into contract with another third party company to perform their function that can be done in the company itself. Most of the companies are using this process so that they can make their focus on other core activities of the company that needs more attention (Arias-Aranda, Bustinza and Barrales-Molina, 2011). Outsourcing results in contract between the two companies. The one company pays the other company to perform one of their functions. The process of outsourcing can only be successful if both the companies and the parties get ready to have mutual consent. There are many processes that can be outsourced which are not so important to be conducted in-house. Thus outsourcing those functions helps the company to invest their time and money solely on the activities that provides them large profit. The major objective of this project is to analyse the advantages and disadvantages of business outsourcing functions. This is because outsourcing not only provides benefits but can also be harmful for the companies. Understanding the basic advantages and disadvantages from outsourcing helps the company to take better decisions. This study focuses on analysing the factors that support outsource and factors that are negative for outsourcing. This study helps in understanding the basic concept of outsourcing and the reasons behind the same. This study can also provide the information about the factors that causes the organization to outsource some of their functions along with its advantages and disadvantages. The scope of the project is that the study can be used by the companies to make their outsourcing decisions by reducing its harmful effects an also allow the readers to analyse the disadvantages before outsourcing. Outsourcing has become the major trends in the companies these days. This is the technique that helps the companies to transfer one of their functions to another company. This has helped in generating job opportunities or the people at large scale. Human resource is the major function that has been outsourced in most of the companies these days. This is because it is not the core activity of the organization (Lee and Choi, 2011). There are other functions that can be outsourced such as accounting functions, customer support functions; marketing functions etc. It is required by the company to ensure that the company they are choosing for outsourcing their function should be reliable. The company should contact the prior clients of that outsource company to take the reviews. Making the legal contract is another important requirement in order to have legal relationship with the outsourced firm. This is because legal interaction between the companies binds both the companies with some ob ligations that cannot be breached by them and no company can exploit each other. A company should contact all the companies that outsource the area that the company is looking for. This is to identify the availability of the companies. This information helps the company to bargain with the outsourcing firms. Investigation should be conducted for the outsourcing company so that any flaws of the company can be identified. The contracts should be made with all the clauses that are required (Gewald and Dibbern,   2009). Outsourcing is the tool that is not only about legal contract between the companies, but it also involves trust and information sharing among the companies who came into contract. This relationship can be beneficial for the both the organizations. Some of the advantages of outsourcing the business functions are: (Appendix 1) Reduction of cost: If any company outsource any of the function, they get specialists to work from them. Keeping those specialists becomes costly for them in their own companies because they may not be required every time. Hiring them can be expensive for the firm. Outsourcing firms can be used for the purposes as and when required. This reduces the operating cost of the company (Lin, Pervan and McDermid,   2007). The outsourcing firms are comparatively cheaper as well. The reason behind the low cost of outsourcing organizations is economies of scale. As the outsourcing firm conducts the single operation at high scale thus per unit cost of operations becomes low. Concentration on core activities: every organization has some core activities that directly provide them profit. Outsourcing allows the organization to concentrate on those core activities.   The organizations outsource some of the support activities to the specialist third party organizations and provide their full concentration on the major activities and functions. This helped them to improve their core activities so that they can earn more revenue (Kremic, Icmeli Tukel and Rom, 2006). The companies have to divide their time and money to all the activities of the company. If one or more activities can be outsourced than the main activities or functions of the company can be prioritize.    Increased flexibility: Removal of the support activity departments from the company results in conversion of fixed cost into variable cost. Flexibility can be increased in the organization such that the services from the outsourcing organization can be availed according to the demand. It is easier to close down the contract then to close down the whole department from the company. It also helps in cist saving because it is not necessary that all the services or the functions of the company are active whole year (Belcourt, 2006). Suppose if the company needs a legal advice from the advisor than it is not necessary for the fir to hire a legal advisor in the company but can contact the legal counsellor at the time of requirement. This saves the money of the company as it needs not to give salary to the legal advisor the whole year. Quality service:   As discussed that the outsource firm are specialists in their functions. Thus, outsourcing one of the functions to the third party firm provides quality services to the companies. On the other hand, if the company conduct that operation in their own firm then it requires them to have knowledge about that function along with the person or the employees to handle such functions. It may be possible that they fails to hire such efficient human resource and the function get affected. Outsourcing not only provides benefits to the companies but some of the harmful effects are also faced by the companies because of outsourcing. This is because the whole function is being handover to the different company and it is very important to identify the There are many disadvantages of outsourcing the functions as well. Some of them are discussed below: Loss of jobs: As the company outsource one of its functions that mean the people or the employees who were earlier working on that function has to leave their jobs. This results in bad image of the company as the employees cannot trust the company for job security (Harland, Knight, Lamming and Walker,   2005). This also leads to bad publicity of the company and can increase the employee turnover as the employee cannot fell safe at the company. Quality issues: As far as the company’s internal functions are considered, it has been analysed that these functions can be evaluated and monitored by the company’s management time to time. But, these functions if outsourced from another company then the company does not have the access to monitor the same frequently. Thus, the contract of outsourcing should be made with the policies that allow the company to monitor the working of the third party timely. Customer resistance: it is very difficult to rely on third party for some kind of work such as customer support. Most of the companies outsource their customer support function to third party (Harland, Knight, Lamming and Walker,   2005). This may lead to issues such as the executive does not understand the foreign access or the language. Customers may resist dealing with the third party and needs specialists to resolve the issue. Loss security: It is the major risk that the company faces in order to outsource the function. This is because outsourcing also requires the company to share some of their private information to the third party company. Sharing of information is a biggest threat to the loss of security. It is required by the company to have legal contract with the security clauses that the company can take any legal action if the third company practice any of the unethical and illegal action by leaking the private information or sharing it to any other competitors. Ethical concerns: it is required by the company to have ethical relationship with the third party company. Even the third party company also has to maintain such ethical relationship with the company. This can be a major risk when a company comes in contract with the outsource firm.      Difficult to reverse: If a function of the company is outsourced, it becomes very difficult for the company to establish it back in-house in the company. This is because breaching or breaking the contract from the outsourcing firm requires cost and implementing the process again in the organization also requires large amount of cost (Mani, Barua and Whinston, 2010). Reversing the outsourced process requires the company to invest a lot in hiring, establishing system, training etc. as all the systems and the functions in the organizations are inked with each other thus implementing a new function back to the company results in disturbance to all the other function as well. Outsourcing affects the company in both the positive as well as negative way. It is very difficult to deal with such situations. The companies have to take many initiatives to have secure outsourcing because the thus party that is selected outsource the function can misuse the information provides to them in order to make the function effective and efficient. Outsourcing at the one hand helps the company to reduce its cost on the other hand raise many risks of security. Any information if released or leaked by the third party may results in great harm to the company. Thus making the legal contract is a very important part of this process. It has been concluded from the above discussion that outsourcing is the process used by the company in order to save the cost of extra activities that can be outsourced frim another company which is specialised in the same area. This helps the company to reduce its cost and get efficient work from the specialised people. It also helps the company to have flexibility of using the services. The company can use the service at the time of requirement and pay according to that. there are some other disadvantages of outsourcing functions of business such as focus on the core and major functions of the company, reduction in the overall cost, saving time and energy, etc. along with all these advantages, the company which outsources their functions also have to deal with some of the disadvantages and risks. The major risk is security. This is because the company has to share their internal information with third party thus trust is the major element of outsourcing relationship. Some of the ot her disadvantages that the company faces are ethical issues, legal breaching of the contract, inefficient working of the third party, leak of information, loss of trust by the employees, lack of monitoring etc. Arias-Aranda, D., Bustinza, O.F. and Barrales-Molina, V., 2011. Operations flexibility and outsourcing benefits: an empirical study in service firms.  The Service Industries Journal,  31(11), pp.1849-1870. Lee, J.N. and Choi, B., 2011. Effects of initial and ongoing trust in IT outsourcing: A bilateral perspective.  Information & Management,  48(2), pp.96-105. Gewald, H. and Dibbern, J., 2009. Risks and benefits of business process outsourcing: A study of transaction services in the German banking industry.  Information & Management,  46(4), pp.249-257. Lin, C., Pervan, G. and McDermid, D., 2007. Issues and recommendations in evaluating and managing the benefits of public sector IS/IT outsourcing.  Information Technology & People,  20(2), pp.161-183. Kremic, T., Icmeli Tukel, O. and Rom, W.O., 2006. Outsourcing decision support: a survey of benefits, risks, and decision factors.  Supply Chain Management: an international journal,  11(6), pp.467-482. Belcourt, M., 2006. Outsourcing—The benefits and the risks.  Human resource management review,  16(2), pp.269-279. Harland, C., Knight, L., Lamming, R. and Walker, H., 2005. Outsourcing: assessing the risks and benefits for organisations, sectors and nations.  International Journal of Operations & Production Management,  25(9), pp.831-850. Mani, D., Barua, A. and Whinston, A., 2010. An empirical analysis of the impact of information capabilities design on business process outsourcing performance.  Mis Quarterly, pp.39-62.

Compare and contrast the approaches that are available for analysing Essay

Compare and contrast the approaches that are available for analysing the project environment. How would a project manager use the outputs of this analysis - Essay Example Identify actors or factors that need special attention Develop strategies for increasing control or influence including formal and informal linkages Develop a plan to cope with potential problems caused by actors and factors Priority must be given to those especially characterized by medium or high dependency, medium or high risk, and medium or low control. The project environment may be defined as "the whole set of institutions, people and natural systems which surround the project and interact with it". The purpose of any analysis of the project environment is primarily to identify a list of factors that may have an impact on the successful conclusion of a project. They be classified contrastingly as follows (Bryant and White, 1982) - Stable/turbulent - Uniform/diverse - Clustered/random - Resource-munificent/resource-scarce Approaches to analyzing the Project Environment Descriptive Model Use of the Descriptive Model is helpful for the Manager who wishes to categorise the range of dimensions within the project environment. An appropriate set of dimensions comprises: - The natural environment - The built environment - The financial environment - The social environment - The political environment It may be seen that these link to the capitals of the sustainable livelihoods framework, though there are also important differences. Hierarchical Model If the analysis has involved making judgments not just about what is important in the project environment but also at what level then the Hierarchical Model is appropriate. This divides the project environment into local, regional and national (or international) factors, each of which may need different responses. Hierarchical models provide a way of examining...It will also help to formulate strategies and to decide whether the strategies devised to control risk are cost-effective. A top priority for any Project Manager will be to make a complete list of the variables that can affect project performance. S/he must then try to anticipate which (if any) may lead to project failure. It is important to understand that these factors may not be clear and/or obvious; careful analysis of the full context within which the project is being undertaken (its "environment") is required. The project environment may be defined as "the whole set of institutions, people and natural systems which surround the project and interact with it". The purpose of any analysis of the project environment is primarily to identify a list of factors that may have an impact on the successful conclusion of a project. If the analysis has involved making judgments not just about what is important in the project environment but also at what level then the Hierarchical Model is appropriate. This divides the project environment into local, regional and national (or international) factors, each of which may need different responses. Hierarchical models provide a way of examining differences across different parameters.

What factors affect heart rate Lab Report Example | Topics and Well Written Essays - 1750 words

What factors affect heart rate - Lab Report Example The heart is an essential and delicate organ of all humans plus animals. This is due to its primary functions, which are indispensable in executing diverse roles and keeping other organs working normally. Mainly, there exists numerous factors, which affect heart functions in diverse ways, but not all of them result in serious life threatening incidences. These factors usually differ radically due to their diverse influences on the heart rate due to their intensities. Principally, heart rate or pulsation is the speed in which it contracts so that it may be able to sustain adequate blood circulation for effective supply of oxygen in all the body tissues. Normally, a healthy person has an average pulsation of 70 – 80 Beats per minute (Bpm), though this owing to certain factors might change. For instance, when the body requires more O2 in its tissues, then the pumping of extra blood is necessary which facilitates more O2, hence escalating pulsation. Hypothesis: Diverse breathing m odes held per minute normally impart noticeable heart pulsation fluctuations. Since, during inspiration it slows down prior resuming to the normal beating (Camm 3). The fluctuations differ drastically depending on the breathing alterations per minute, which is the key exemplification of this report. Heart rate of an individual or any animal is directly comparative to the breathing. Method The experiment implicated measuring of heart rates or pulsation per minute by having diverse breathing modes. This entailed five trials data measuring and recording to ensure attaining of high accuracy during the process, for each set. The independent variable was breathing where for this case to attain reliable results where breathing modes ranges; Normal breathing Holding breath Deep breathing The dependent variable, which will be varying in each set, is the heart rate, where to guarantee its accuracy there is a need for several five recordings per minute. Procedure: Initial set involved taking n ormal breathing pulsation using heart rate monitor per minute and tabulating the five trials in a table prior computing the averages (Telles, Nilkama & Acharya 3). This entailed keen observation meant to ensure consistency of the data. Second measurement encompassed holding the breath for a long period as one would, then tabulating the data within one minute five times to complete the set and calculate the mean. Third set involved breathing deeply for one minute and compute as other sets before taking the average, then followed by computation of the five trials from the three sets. Lastly, there was compiling of the whole class individual records for the three sets coupled with final calculations. Final computations encompassed mean, median standard deviations, modes and diverse graphs to depict their correlations  clearly (Telles, Nilkama & Acharya 2). Data Collection Individual data Table 1: Table for the three sets recorded for five trials. Trials 1 2 3 4 5 Normal set 76.00 75. 00 73.00 75.00 76.00 Average 75.00 Holding breath set 75.00 75.00 77.00 69.00 72.00 Average 73.60 Breathe Deeply set 80.00 76.00 78.00 79.00 78.00 Average 78.20 Whole class average Table 2: Table for Whole class average Rest Hold Breath Breathe Deeply 86.40 84.80 106.80 67.00 65.00 63.00 78.50 74.50 72.50 74.00 84.00 84.00 60.40 74.20 69.00 67.40 73.30 80.30 73.80 79.00 68.20 68.40 69.00 76.20 64.40 72.40 69.20 64.80 68.40 86.20 82.60 83.00 87.40 68.60 76.40 66.60 88.75 102.25 86.00 75.00 73.60 78.20 71.00 73.30 62.00 78.00 74.50 64.80 NB: - Data Assumes 2 Decimal Places. The results attained all through the

Salvador Luria :: essays research papers

Salvador Luria   Ã‚  Ã‚  Ã‚  Ã‚  Salvador Luria was one of the founders of microbiology, as we know it. He emigrated from here from his native country of Italy in 1940. His work in the United States is his best known. His work on bacteriophage (bacterial virus) here brought up many new topics in bacteriology, biochemistry, and virology.   Ã‚  Ã‚  Ã‚  Ã‚  Born in 1912 in Turin, Italy Salvador Luria was born to David Luria and Ester Sacerdote. His father was a well-respected Jewish leader in his hometown. Salvador attended Liceo d’Azeglio high school. This was one of Northern Italy’s most highly recognized schools. After he finished high school he enrolled in medical school at the University of Turin. In medical school he studied with nerve tissue expert Giuseppe Levi. He met Ugo Fano who later taught him calculus and physics in an after school class using astronomy as a base.   Ã‚  Ã‚  Ã‚  Ã‚  The influence that Fano had on Salvador was so great that he decided to pursue basic sciences. He decided to go with Radiology, he believed this was the gap between physics and medicine. He received his medical degree in 1935. Although he had received his degree he was not happy. He believed Radiology was the most boring part of the medical world.   Ã‚  Ã‚  Ã‚  Ã‚  Salvador was drafted into the Italian Army as a medic. This proved he was not made for a medical career. He was discharged in 1937 and moved to Rome. In Rome he study at the Physics Institute of the University of Rome. He was shown the writings of Max Delbruck, who had boldly stated a gene, was a molecule. Salvador later said that Max’s writings were the â€Å"Holy Grail of biophysics.†   Ã‚  Ã‚  Ã‚  Ã‚  While living in an old broken down trolley car in the streets of Rome Salvador started a conversation with a microbiologist by the name of Geo Rita. Geo introduced him to bacteriophage, Salvador believed he could prove Max’s theory. He fled Europe in 1940 when the Nazi war machine was an approaching. He acquired an American visa and came to the United States.   Ã‚  Ã‚  Ã‚  Ã‚  Once he arrived in the United States he got a position at Columbia University. He got a hold of Delbruck and Delbruck agreed to help him in his experiments. They spent the summer of ’41 in Columbia University’s Biological Laboratory. Here Salvador rejoined his old friend Ugo Fano. In 1942-1943 he continued his bacteriophage studies. He was trying to prove the process or processes that caused bacteria mutation.

Othello Essay

The Jacobean era in which William Shakespeare first wrote Othello, eventually published in 1622, is one which is rightly remembered as being held to strict, dogmatic codes of sexuality and gender-power structures. On the threshold of Queen Elizabeth’s crowning, England under King James continued to be a strictly patriarchal society, with the realms of war and diplomacy being fully impenetrable to women. Considered the primary means to demonstration and execution of power, such venues were perceived to have held sway over all manner of social order. From a cosmetic vantage, it appears through characters such as Brabantio, Othello and Iago that Shakespeare acknowledges a sociological structure which largely keeps women beholden to these powers of men. However, through its intricate weaving of deception which is continually based on a distortion of the realities between men and women, Shakespeare wily toys with conventional wisdom regarding sex and power, dismantling many of the assumptions pertaining to the topic which were processional from the cultural hegemony of his time and place. While the work is constantly given over to opportunistic sleights against the cunning malice of the female heart, the flaws of the male characters are ultimately the cause of tragedy. Shakespeare’s work is marked by a rare propensity for his time, to encourage a reconsideration of the reciprocal relationship inbuilt to the breakdown which occurs between love, lust and loyalty  While men such as Othello and Brabantio characterize power as being in the hands of the wealthy and physically impressive, Desdemona silently and passively illuminates that sexuality is the true power broker. Even before it is the force which weakens his senses, Othello recognizes that all of his fearsome strengths are blunted by his infirmity in the hands of love and lust: â€Å"When light-winged toys Of feathered Cupid seel with wanton dullness My speculative and officed instrument, That my disports corrupt and taint my business, Let housewives makes a skillet of my helm.† (1.3, 263-267) Fittingly, the conclusion magnifies this irony, consistent with the convolution of gender power and responsibility as it persists throughout. Othello recognizes that it is his indiscretion, not Desdemona’s, which has delivered him to incurable suspicion. When he finally succumbs to his misguided jealously, it becomes invariably clear that his physical strengths, those very same which were said to have won him the heart of Desdemona, were not simply made benign by the power of her sexuality. Worse, his powers are turned against him, unleashed from his control and wielded by a fog of lustful rage. In the denouement of the play, Othello is inconsolable of his own guilt. After choking the life out of his innocent wife, Othello is left powerless. In this is the eventual resolution of Shakespeare’s treatise on the falsehood in the power dynamic between men and women. Indeed, the power which is shown to be reflected in the woman is one which contradicts traditional assumptions of 16th century female gender roles. That the women in this play, and Desdemona in particular, ultimately command such power over the judgment of men is quite telling of Shakespeare’s unique perspective. The twisted frustration which marks the conclusion of the play is a strikingly aggressive declaration by the playwright that cultural assumptions regarding the genders are not just too often grossly misunderstood, but consequently also subject to terrible repercussions.

Relationship Between Father And His Son Essay - 815 Words

The relationship between a father and his son is one of the most important things in life. Also, it is not solely filled with love but one that can create pain and the sense of longing. This relationship assists in making a boy recognize right from wrong. Normally in life, we look up to our father to be the care taker and to encourage us to make our own decisions on what is right and what is wrong. The relationship between a father and his son can be articulated as the most significant relationship that a man can has throughout the duration of his life. Through this essay I would like to prove the importance of father son relationship, and how it is illustrated in the novel â€Å"When the emperor was divine†. Fathers play an important role in the lives of their sons. The male model may add to a boy’s understanding of manhood, and it may also help to create a power connection in the relationship. The things every boy needs from his dad is helping learn the importance of father in the healthy development. If a father is nurturing, loving, strong, self- controlled and honorable, his son will emulate those qualities. However, if this father is emotionally distant, preoccupied, and uninterested, he will also learn those qualities. The relationship between father and son is based on respect, understanding, trust and concern. It can build a good connection with the teenagers spending more time together, keeping promise, joking and appreciating their efforts and strengths. TeenagersShow MoreRelatedThe Relationship Between A Father Gouichi Takata And His Son Kenichi892 Words   |  4 Pagesabout the relationship between a father Gouichi Takata and his son Kenichi. Throughout the film, Mr.Takata is a wordless person. He does not like to speak with people and does not like to express his emotion. That is also the reason why there is a barrier between him and his son Kenichi. 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The Impact Of Bond Market On European Government Debt...

2. The Impact of Bond Market on European Government Debt Problems 2.1. Bond Market The bond market is one of the fixed-income markets that it is deals in with transaction of long term fixed-income securities. Moreover, the bond is one of the financial instruments and then the financial instruments are generally regarded as securities. In the bond market, there are two bonds familiar to mass investors. One is called government bonds, and another one is called corporate bonds. Firstly, as its name, government bonds are issued by government with maturities up to about 30 years. Usually, medium term bonds and long term bonds pay out fixed amounts of coupon payments in semi-annually during the repayment period. But, the index-linked bonds pay out alterable amounts of coupon payments in semi-annually because of the changes in inflation. The reason of government bonds are always have a lot of attraction to investors is that investors are generally referred to government bonds as bonds being free from default risk. With this characteristic, government bonds are safer than most other financial instruments to invest. However, the high return always with the high risk and vice versa that government bonds offers lower yields. Secondly, the corporate bonds is the another one that are concerned more by investors in daily transaction activities. There are three main sources for corporates to raising finance for their investment projects, they are: retained earnings, non-marketable debtShow MoreRelatedAn In-Depth Analysis of the European Debt Crisis908 Words   |  4 Pageseconomic consequences, prevention as well as control of the European Debt crisis. A definition of the debt crisis is also provided. Recommendations on the way forward are also provided. 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Likewise in Spain, the ten year bond pushed closer to theRead MoreLehman Brothers And The Financial Crisis1365 Words   |  6 Pagesmajorly invested in very complex and overpriced financial products. As a result, the interbank market became volatile and risk premiums on interbank loans increased. Banks faced a serious liquidity problem, as they experienced major difficulties to revolve their short-term debt. At that stage, policymakers still perceived the crisis primarily as a liquidity problem. However, it was widely believed that the European economy would be largely safe to the financial turbulence. The real economy, though slowingRead MoreEssay On The European Economic Crisis1187 Words   |  5 PagesThe background to the World and European economic crisis. The main cause of the 2008-9 financial crisis was caused by the collapse of the housing bubble within the USA. But the housing bubble was created many years earlier. The Federal Reserve in the early part of the 2000s reduced its interest rates down from 6.5% to 1% within four years. This reduction in rates was applied due to several events happening in the US economy at that time. Firstly the attacks on the world trade center and the recessionRead MoreElementary Facts Should Not Be Forgotten1309 Words   |  6 Pagesburns up in the atmosphere. This is what has happened with the European countries, or EU. The euro has had a negative effect on the European economy because one simple elementary idea was forgotten. All of the sovereign states that make up the EU are separate, with economies at different stages of life and different policies and procedures to cope with or to combat their struggles. The euro, a single currency for a collection of European countries, created a smoother process of purchasing power withinRead MoreThe History of European Integration815 Words   |  3 PagesThe History of European Integration The European integration, developed mainly by political scientists, is a story in which visionary leaders and forward-looking nation states engaged in the critical adventure of designing a new Europe. In 1930s these prophets sought, but failed, to prevent the outbreak of the Second World War, therefore many initiations were taken to create a peaceful political and institutional order. Europe, potentially a political entity, took form through treaties and the resultingRead MoreEurozone Crisis Essay887 Words   |  4 PagesIn the wake of the Great Recession, around late 2009, a debt crisis began to develop in Europe that left several of its economies with high debt to GDP ratios and ‘burden of debt’. The debt ratio in the Euro Area increased from 64 percent in 2007 to 92 percent in 2015. A similar development was seen in the European Union as a whole, with some peripheral countries experiencing larger increments. In what came to be known as the â€Å"Eurozone Crisis†, many peripheral countries, particularly Greece, IrelandRead MoreCritically Analyse How the Government Debt Problems Initially Faced by a Few Relatively Small Economies Could Trigger Such a Wide Impact in Financial Markets2394 Words   |  10 Pagesthe government debt problems initially faced by a few relatively small economies could trigger such a wide impact in financial markets Introduction Since the Greeces debt crisis happened, the Euro zone has to confront with a huge sovereign debt crisis, like governments debt increased, bond yield spreads widened, Euro exchange rate fell as well, which caused that the whole international financial markets gradually lost the confidence. The purpose of this essay is to discuss the impact of thisRead MoreThe World s Second Largest Currency863 Words   |  4 Pagesglobal financial markets since the United States left gold and started backing the dollar in 1971. The Euro is now facing a dropping in value that may or may not predict our world’s future economies. I am going to inform you on the effects of the Euro through its history and making, and the effects it plays on European and the United States economies. The Euro is the world’s second largest currency: more than 337.5 million EU citizens in the 19 countries use it as their currency (European Commission)Read MoreSpains Financial Crisis : A Case Study893 Words   |  4 PagesFurthermore, Spain must be safeguarded against new interest rate hikes, as high-interest rates are likely to lead the debtors to claim bankruptcy. As a result, it is more vulnerable to the uncertainty and panic in the financial market. Amidst the ongoing recession and soaring unemployment rates, the damaging austerity policies have proven to be costly to the healthy sectors, making it difficult to cope with the collapse of the economy. This has slowed down the pace of Spain’s economic recovery. Therefore