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The  '''[[eurozone crisis]]''' that started in 2010 arose from doubts about the ability of some eurozone governments to service their debts. .
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The financial assistance given to those governments has  failed restore the confidence of the markets,  and bond market investors have become reluctant to buy the bonds being issued by some other eurozone governments. There are uncertainties about the willingness of the major eurozone governments to provide the further assistance that may be needed, and fears that there may be a breakup of the eurozone and a global financial crisis if they do not.
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==Footnotes==
====Overview====
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The crisis started early in 2010 with the revelation that, without external assistance, the Greek government would be forced to default on its debt. The assistance that was provided by other eurozone governments enabled the  Greek government to continue to roll-over maturing debts until, in the latter half of 20ll, it became evident that a default could no longer be avoided. In the meantime, investors' fears of default had increased the cost of borrowing to other eurozone governments, making it necessary to provide financial assistance to the governments of  both Ireland and Portugal. By September 2011, the international community had become aware of the danger that a Greek government default, and that its repercussions could administer a shock to the world economy comparable to the shock that triggered the Great Recession. Plans were initiated to provide the financial support needed to avoid a comparable  malfunction of the global financial system. Substantial political obstacles would have to be overcome before such plans could be put into effect.
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====Background to the crisis====
In 1991, leaders of the 15 countries that then made up the European Union,  set up a monetary union with a single currency. There were strict criteria for joining (including targets for inflation, interest rates and budget deficits), and other rules that were intended to preserve its members' fiscal sustainability were added later. No provision was made for the expulsion of countries that did not comply with its rules, nor for the voluntary departure of those who no longer wished to remain, but it was intended to impose financial penalties for breaches.
 
Greece joined, what by then was known as  the eurozone, in 2001, Slovenia in 2007, Cyprus and Malta in 2008, Slovakia in 2009.
The current membership comprises Belgium,  Germany¸ Ireland,  Greece,  Spain,  France,  Italy,  Cyprus,  Luxembourg,  Malta,  The Netherlands,  Austria,  Portugal,  Slovenia,  Slovakia,  and Finland. Bulgaria, Czech Republic.
 
The non-members of the eurozone among members of the European Union are Denmark, Estonia, Latvia, Lithuania, Hungary, Poland, Romania, Sweden and the United Kingdom.
 
''[[Eurozone crisis|.... (read more)]]''
{|align="center" cellpadding="5" style="background:lightgray; width:95%; border: 1px solid #aaa; margin:10px; font-size: 92%;"
| In addition to the above text, this article comprises:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- a [[Eurozone crisis/Addendum#Crisis development by country|'''country-by-country summary''']] of the development of the crisis;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- [[Eurozone crisis/Timelines|'''links  to contemporary reports''']] of the main events of the crisis;<br>&nbsp;&nbsp;&nbsp;&nbsp; - notes  on [[Eurozone crisis/Tutorials#The debt trap|'''the debt trap''']], the eurozone's  departures from [[Eurozone crisis/Tutorials#Departures from optimum currency area criteria| '''optimum currency area criteria''']], and on [[Eurozone crisis/Tutorials#The eurobond proposal|'''the eurobond proposal''']];  and,<br>&nbsp;&nbsp;&nbsp;&nbsp; - tabulations of the [[Eurozone crisis/Addendum#Fiscal characteristics|'''fiscal characteristics of the PIIGS countries''']] , and their [[Eurozone crisis/Addendum#GDP growth|'''GDP growth rates''']]
|}

Latest revision as of 10:19, 11 September 2020

Categories of smart home devices shown on Amazon's website in April 2023.

The phrase smart home refers to home automation devices that have internet access. Home automation, a broader category, includes any device that can be monitored or controlled via wireless radio signals, not just those having internet access. Whether the device is powered by the electrical grid or by battery, if it uses the home Wi-Fi network and if an internet logon needs to be created to use it, then it is smart home technology.

Collectively, all the smart home devices on every home's Wi-Fi network helps to make up what is called the Internet of Things (IoT), a huge sea of sensors and control devices across the world that are capable of being accessed from afar via the internet. One of the key reasons such devices need internet access is so that the manufacturer can periodically download updated firmware to the device to keep it up-to-date. However, being available via the internet also means that such devices are, potentially, available for spying or hacking. Today, homes may contain dozens or even hundreds of such devices, and consumers may enjoy their benefits while knowing little about how they work, or even realizing that they are present.

Not all home automation is "smart"

Many remotely controllable devices do not require internet access. They may instead have physical control devices that use either RF (“Radio Frequency”) or IR (“Infrared”) beams, two different kinds of energy used in remote controls to communicate commands. Non-"smart" home automation may also present security risks, because the control signals can be hijacked by bad actors with the right signaling equipment. Garage door openers are of particular note in this regard. Modern automobiles, in fact, are full of automation similar to home automation, and cars are hackable by bad actors in a number of ways. See Wikipedia's Automotive hacking article for more information.

Incompatibility hassles

At present, consumers must make sure that the smart device they wish to use is specified to be compatible whichever phone/tablet operating system they use (Apple vs. Android). Since smart home products emerged in the absence of any standard, a morass of competing methods for networking, control and monitoring now exist. For some products, consumers may need to buy an expensive hub, or bridge, a device that is specific to one vendor. Products made by different manufacturers but performing the same function are typically not interoperable. Consumers often need to open a different app on their smartphone or tablet in order to control devices by each manufacturer. This may make it too expensive and awkward to try out competing devices, leaving consumers stuck with the product they bought originally or else having to add yet more apps to their phones.

Security concerns

Security for smart home products has been uneven and sometimes seriously inadequate. Smart thermostats which can monitor whether a home's occupants are present or not, entry-way locks, robotic vacuums that work with a map of the house, and other smart home devices can present very real dangers if hackers can access their data.

Matter, an emerging standard

Matter is emerging standard in 2023 intended to increase security, reliability and inter-operability of smart-home devices. About ten years ago, industry consortiums formed to work on standards for smart home device communications, and their underlying wireless communications, which would make it possible for products from all vendors to work together seamlessly and provide fast performance, privacy, and security and would work even if there is not connection to the outside internet (i.e., no connection to "the cloud" or to servers).

Footnotes

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