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You don't need a "citation". Off the top of my head, Greece and Italy. Just read the news regularly. The Euro has devastated the economies of several countri
by rleigh 6y ago
You don't need a "citation". Off the top of my head, Greece and Italy. Just read the news regularly. The Euro has devastated the economies of several countries, and the fallout has been slowly building for the last decade. You don't have youth unemployment over 50%, lack of opportunity, lack of investment, and lack of control over your future without it having far-reaching implications. The current state of things doesn't leave much (if any) opportunity for this to be corrected. They are permanently indebted. Exiting the Eurozone and reverting to national currencies is pretty much the only answer to fix their economies.
Italy has a lot of very productive industries. But they can't compete with Germany and other northern European countries while the scales are tipped firmly against them due to their currencies being tied together via the Euro. A freely floating currency would correct that and make Italy a very promising place to invest in and export from.
Greece is a different story, and it is not entirely blameless. It should never have been allowed to join the Euro. But the cause of its economic woes is the same: its currency is tied to stronger economies with which it can't hope to complete, and that economic imbalance has caused complete devastation of its economy.
- pjc50 6y agoI wanted to know who was being considered an anti-establishment party. > Exiting the Eurozone and reverting to national currencies is pretty much the only answer to fix their economies. We had this argument in 2008ish and Syriza abandoned the plan, after (correctly) realising that crashing out of the Euro would be worse.
- rleigh 6y ago2008 was 12 years ago. How well has the Italian economy fared in the interim? It's been stagnant ever since joining the Euro, and nothing material has changed which would improve matters, and I don't see the status quo being tenable. 2008 might not have been the tipping point, but doing something which isn't in the long term interest of people can't continue indefinitely.
- KaiserPro 6y ago> Exiting the Eurozone and reverting to national currencies is pretty much the only answer to fix their economies. Apart from that would incur tariffs that would be far high than the trade winds exposed by the eurozone. Having your own currency only really helps when you have a boat load of debt, and you want to inflate your way out of the problem. However that's exceptionally damaging in the medium term, especially if you have unstable leadership. The fundamentals of italy are difficult to overcome by leaving, or blaming the eurozone. Italy has a rapidly ageing populace, and a drop in fertility. None of that is going to be fixed by leaving the euro.