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The Euro - A Big Error (Part 3)
Politics ♦
Published: May 29, 2012; 08:04 ♦ (Vindobona)
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The common currency did not create convergence, but widened the gap between Northern and Southern Eurozone member states.
The Euro - A Big Error (Part 3) / Picture: © European Commission
In countries like Germany and Austria, economic growth was weak, wages stagnated, net investments decreased and interest rates were up at the expense of the real economy. Even the new director of IHS, Christian Keuschnigg, admits that the euro caused many economic problems and imbalances. “The initial aim could not be reached.”
In Greece, it is more than obvious that the…
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