especially in Italy and France has the Euro since its introduction as book money in 1999 to prosperity losses in the billions. Germany, by contrast, has benefited from the Euro. This emerges from a study by the Freiburg-based think tank “center for European policy” (cep), which will be unveiled this Monday.
The cep-scientist Alessandro Gasparotti and Matthias Kullas in the study, a kind of mind game, in which it is studied, what is the impact of a waiver on the introduction of the common currency two decades ago in selected Euro-had countries. Countries such as France and Italy, before the introduction of the Euro the opportunity to strengthen their competitiveness through the devaluation of their currencies against the D-Mark. This way you don’t have with the Euro.
comparison with Non-Euro States
The researchers base their calculations of a method of the development of the gross domestic product in eight selected Euro area countries since the introduction of the common currency the basis of which it is made. These data from Germany, the Netherlands, Greece, Spain, Belgium, Portugal, France and Italy, not to be compared with the Figures from countries which adopted the Euro and with the respective countries economically comparable. In the case of Italy the comparison with the United Kingdom, Australia, Israel, and Japan was decisive. The development in France compared with the situation in Australia and the UK.
the study came to the result, the state of the Euro per inhabitant in Italy between 1999 and 2017, to a penalty of 73.605 Euro. For every citizen in France in the same period 55.996 Euro. For the past two decades, the cep for Italy comes to a total wealth loss of 4.3 trillion euros, while in the case of France, according to the figures, to 3.6 trillion Euro. Negative development was also in Portugal, Belgium and Spain.
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Germany and the Netherlands are the biggest winners
On the profit side, Germany is, however, a Plus per capita of 23.116 Euro in the past two decades. Also in the Netherlands it is paid to each and every citizen with an amount of 21.003 Euro, in 1999, the common currency was introduced.
In Greece, where accession to the Euro-Zone led to very large Welfare gains, and the bubble with the Euro-burst crisis, comes out, on balance, a small welfare gain in the amount of 190 Euro per inhabitant.
For Italy and France, which could not benefit from the Euro, the cep structural reforms. In particular, Italy, have found within the Euro-Zone is no way to be competitive. Currently, especially in Greece and Italy have suffered from it, that they can no longer devalue their currency.
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The cep comes to the conclusion that despite the intervention of the European Central Bank (ECB), through which a break-up of the Euro was prevented, “the Problem of diverging competitiveness in the Euro-area countries” still unsolved to stay. “20 years after its introduction, the Euro is, therefore, more controversial than ever”, is the conclusion of scientists.
