The Euro is unsuitable for many of its member nation. Still the agony – increasing inequality, high youth unemployment, emigration – continues. The result has been the demise of democracy, rise of the far right, and increasing resistance, as with Brexit and the yellow vest movement in France. European Monetary Union was a historical mistake, not for Germany –which originally didn’t want it but then became its main beneficiary –but for the Mediterranean countries including France, who had for different reasons been eager to “Europeanise” the German currency. They suffer, not so much because of high debt, as the Germans claim, but because different national capitalisms need different monetary regimes – different moneys, as it were –allowing their different social and institutional structures to be internationally competitive.

Source link

Von Veritatis

Schreibe einen Kommentar