European debt crisis –the follow up of the global financial crisis or specific European phenomenon?

While the recent financial crisis was global by its nature, it made a different impact on financial stability and economic development in different regions of the world European Union with its unique institutions and mechanisms, experienced very specific environment in the financial and post financial crisis period, trying to solve the problems with extreme measures and borrowing increasing, which additionally worsted the situation. Many economist think that the European debt crisis is just specific follow up of the global financial crisis from 2007, however , many indicators implies that the European debt crisis has been developed and is so severe due to specific factors immanent only for Europe , European financial markets and way of EU institutions functioning . This paper’s aim is to analyze the broad range of factors which contributes the European debt crisis to be so unique and so severe as well as to vary when different Eurozone countries caught by the crisis are considered.