BREAKING NEWS

BREAKING NEWS

Raw Politics: Has the euro helped fuel euroscepticism?

 Comments
Raw Politics: Has the euro helped fuel euroscepticism?
@ Copyright :
Reuters
Text size Aa Aa

The euro is in its twentieth year of use on the continent, but has the currency contributed to Euroscepticism?

On Sunday, German far-right party Alternative fur Deutschland (AfD) voted to campaign for Germany's withdrawal from the European Union if Brussels fails to meet its demands for reform.

While rank and file members insisted the so-called 'Dexit' be included in the party manifesto, party leaders approached the idea with caution, aware of the country's majority support for the EU.

One of the contributing factors for the call to quit the bloc could be because of the euro.

Hans-Olaf Henkel, MEP for the conservative European Conservatives and Reformists Group told Raw Politics he "was in favour" of the euro when it was first used, however, he changed his mind after Greece received its first bailout package.

"The euro is much too strong for Italy, Spain, Greece, and even France but much too weak for Germany.

"The euro is a one size fits all currency, that fits no-one," he said.

However, Peter Simon, a German MEP for the Social Democratic Party disagreed and called the euro "a success story" but that questions remain over if it was created in the right way.

Simon suggested that a banking union should have been made earlier and said: "we have to find mechanisms to keep the euro in balance (across countries)".

The euro has strengthened in the last week despite pressure from weaker than expected economic data, and the trade war between the US and China.