what were the roles undertaken by the european commission, the european central bank, and the international monetary fun in helping to solve the eurozone debt crisis

Introduction
Euro-Zone Crisis and Role of Regulatory Institutions
Introduction
In existing period of time, the disposition of global economy has become quite vibrant that has been shading quite aversive impact over sustainable growth of different country, there are some critical crisis such as global sub prime crisis, and Euro Zone debt crisis that has affected the growth and sustainability of different economies across the world. In this regard, for the purpose of addressing different problems due to such economic slumps, there is a need of some integrated efforts from the side of national, regional and internal authorities. In order to monitor different business and economic activities, there are a number of different regulatory and administrative bodies at national, regional and international level. The significance of such crucial regulatory bodies can be revealed in the time of economic depression when there is a need of an effective control and monitoring of economic activities so that the ill impact of such economic break downs can be minimised up to a significant level (Schoenbaum 2012).
In this regard, the prime aim of this paper is to explore the role of European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) in direction to solve the issues faced by the entire members of European community due to European sovereign debt crisis in the late 2009. The paper explores the some of the crucial and positive actions undertaken by such crucial national (i.e. ECB), regional (EC) and international (IMF) for the purpose of saving different economies related to European Community from the crisis of Euro Zone.
Euro-Zone crisis
Euro-Zone Crisis can be recognised as one of the most critical economic breakdown faced by the Europe after the global sub prime crisis that has struck so called strong economies from European region. Euro Zone crisis created a situation in which, it has become quite hard or impossible for some European countries to re-pay their government debt. In this crisis, countries have faced the problem related to the lack of disposable funds that can be used to minimise the debt burden on them. The major impact of this crisis was seen on five major countries of the European region, namely Greece, Portugal, Ireland, Italy, and Spain. During the crisis period, all of these countries were proved failed to attain the enough economic growth to payback its long term loans (Lapavitsas 2011). There are some of the crucial reasons behind the economic breakdowns of the economies of European regions in the year 2009. Different Factors, such as easy credit conditions prevailing in the global markets before the year 2008 that induces the countries to have high risk taking and borrowing practices, and slow rate of development after the 2008, can be considered as one of the prime factors behind the occurrence of debt crisis. The unsustainable and weak fiscal policies of countries in European-Zone did not help them to generate enough amount of economic development to pay all the external debt. The crisis which was started with the inability of Greece regarding repay high debt was spread across the entire region and shortcomings of such economies were exposed quite intensively. There was a series of mass bailouts across the entire European region for the purpose of establishing the financial sustainability (Patrick 2010). This is reflecting the criticality of the crisis for entire Euro Zone.
Role of European Commission (EC) in solving the Euro-Zone Debt Crisis
European Commission (EC) is the governing and regulating body of the entire European region, which works for the establishment of the financial sustainability within the entire region. The European Commission was established for the purpose of promoting the economic and political integration among different countries. The European Commission (EC) has played a crucial role solving the issues confronted by European countries at the time of Euro-Zone Crisis. As actions of the European Commission were required the consent of all the member countries, timely actions and remedies were not provided to the affected countries. In this direction a series of bailouts was promoted by the commission for the troubled economies of the European region. In the year 2010, the European commission provided financial aid of $163 billion or 10 billion Euros to Greece for keeping the country out of debt crisis and making it capable to pay out all the external debt. This was the first instalment of the bailout package issued by the EC. The second bailout package was issued to the country in Mid-2011. This time the worth of the package was about $157 billion. Along with Greece, Ireland and Portugal were also prominent members of the European Union that received bailout packages issued by the EC in November 2010 and May 2011 (Knight 2012).
In addition to such financial aids to endangered countries of Europe, the EC also undertook some administrative steps. For instance, the commission established the European Financial Stability Facility (EFSF) for the purpose of facilitating the member states with emergency lending in the time of any financial crisis. The move of the EC was directed to...