Brussels officials want to force all EU member states to adopt the Euro currency by 2025. This will mean the remaining 9 Countries currently not using the Euro will have to adopt it within 8 years. Denmark and the United Kingdom are exempt from this ruling. The Express reports:
The move, revealed by German publication Frankfurter Allegemeine Zeitung, who obtained a leaked copy of a Comission report, is likely to be fiercely opposed by Hungary, Poland and the Czech Republic’s eurosceptic governments.
Just last week, Polish finance minister Mateusz Morawiecki said it was “not in Poland’s interest” to join the eurozone. Warsaw is worried about losing its financial autonomy.
The eurozone push could also cause controversy in Sweden, which held a non-binding referendum on whether to adopt the euro in 2003.
More than 55 per cent of voters said the in the Scandinavian country want leaders to reject any move to join the eurozone.
Even though the Euro itself is a failing currency it doesn’t seem to stop the EU from forcing the remaining member states into adopting it. Merkel has just today blamed the ‘weak Euro’ on German surplus and since her statements we have seen a little strength regain, but this will fall away relatively quickly and the downward trend is likely to continue:
Chancellor Angela Merkel blamed a “too weak” euro for part of Germany’s trade surplus, telling a group of students that bolstering domestic consumption was the best way to address imbalances with countries such as France. Bloomberg reports:
In a panel discussion that included talk of building a closer relationship with French President Emmanuel Macron, whose election Merkel called an “extraordinary event in French politics,” Merkel was asked how to deal with the trade imbalance between the two nations. Part of the blame goes to European Central Bank monetary policy, she responded.
Most experts believe the Eurozone is set to shrink over the coming years, as The Express reports:
Earlier this week, a damning report revealed most European business leaders expect the eurozone to shrink or collapse in the coming years.
The major study saw 2,000 executives across the bloc questioned by by researchers from the McKinsey Global Institute.
Analysts said most companies “are still doubting, even fearing, the eurozone’s durability in its current form”.
The European Union is a trial run at a One World Dictatorship, this is why we supported Britain in it’s Brexit referendum. How all this will pan out is yet to be seen, but you can be sure the next few years will be very interesting, for better or worse.
Sources:
