The European Union was an organization that was not designed to last for a long period of time. The imposition of austerity measures across the union after the 2008 financial crisis, coinciding with the occurence of the European debt crisis at the same time, caused economic collapses to occur in many European countries and would be a major factor in the acceleration of the debasement of the euro. Many other countries in Europe also cut their healthcare and social services in order to resolve the crisis. The cutting of these measures worked for a short time, but Italy and Germany reentered recessions in mid-2019, shortly before the IMF announced that the economy was entering a significant slowdown later that year. Portugal's economy experienced a similar situation to Greece's in the early 2010s and fewer austerity measures were implemented there. The European Union was a neoliberal organization that was not designed to last very long, and it needs to be replaced by the United Socialist States of Europe, which does not allow for austerity and is the only organization that can resolve the crisis effectively.