Sunday, 13 May 2012
Who has REALLY benefited from Euro membership?
Just to remind you - the Euro came into being on 1 January 1999. These are the eleven founder members.
To make it even clearer, here is a chart showing only the largest economies among the founder members:
Now, admittedly I am only showing external trade balances. But part of the point of the European Union has always been promotion of trade between its members. The common currency was supposed to improve this by removing currency risk from cross-border trade.
Please tell me what value the common currency has brought to Italy,Spain and France?
And I haven't even included Greece......