France joined the euro zone on January 1, 1999. Nearly 23 years later, the French still do not believe that the common EU currency has been good for their pockets.
According to a poll launched Tuesday by the French daily Le Figaro, at 9:20 am today, 61.08% of the 95,343 people questioned said that the euro had not been beneficial to them.
Jumping on the results, Generation Frexit leader Charles-Henri Gallois said the bloc’s common currency had been a “disaster” for his country.
Calling on citizens to leave the EU, he said: “The euro has been a catastrophe which has accelerated the deindustrialization and the loss of competitiveness of the French economy by fixing our currency with Germany.
“We were being sold inflation protection.
“With the crazy monetary creation of the ECB, it’s just around the corner.”
The euro zone, which is already struggling to fully recover from the 2009 financial crisis, has been further affected by the coronavirus pandemic, raising fears of a new collapse.
Paolo Gentiloni in November called for a debate on reforming the EU’s debt rules given the economic tensions caused by the coronavirus crisis.
The European Union’s Economic Commissioner wants to set debt limits on an individual basis for member states as part of a proposal to reform the EU’s Stability Pact that he intends to present towards the mid-2022, he told the daily Frankfurter Allgemeine Zeitung.
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He told FAZ: “It just doesn’t fit my idea of a differentiated view of states.”
As the euro continues to tumble and inflation soars, many Europeans were quick to point to the energy crisis as the engine of devastation.
But the German publication Focus pointed to another, less obvious culprit.
German financial analysts suggest that it is their country’s dependence on imports from abroad that is causing the euro to collapse, rather than rising energy prices.
As Germany battles its fourth wave of coronavirus, the inflation rate is rising unchecked.
According to data from the Federal Statistical Office (Destatis), inflation in November was 5.2%.