The Eurozone emerged as a joint force to compete in the global economy. The EMU, or Economic and Monetary Union, established a common currency under the Euro that 17 European Union member states went on to adopt. This Union has been far from problem-free, however.

It was on this day, December 9th, in 2011 that France’s three largest banks were downgraded by Moody’s credit rating agency.

The debt was downgraded for BNP Paribas, Societe Generale, and Credit Agricole. The ratings agency claimed that the banks had been struggling to raise funds amidst a worsening economic climate. The three banks’ lost access to short-term funding earlier that year because U.S. money market funds stopped buying the French banks’ debt when the ongoing Eurozone financial troubles worsened.