Europe marks 20 years of the euro | DW News 

That is a really sad statement for the state of the world. I mean, prices in my childhood might as well be Guilders as far as being transferable to today. I bought ice cream cones for a nickel as a child. Now, it isn't even worth my time to pick up 5 pennies. For what my parents paid for the house that I grew up in, I can buy an okay used car. Gasoline is twelve times as much as when I started driving, which is some unknown combination of actual price increase and inflation.

Those same banks that use Greece to money launder their debts...?

It is a failure

Agreed, but politically speaking that is a very difficult move. Starting with only a common currency may have created big problems in the short-term, but it can also lead to the realization that a fiscal union is necessary as well, rather than implementing everything at once. The question is which arrives first, the fiscal union or the collapse of the monetary one

@@diogomarcelino5499 it collapsed already . The monetary union

​@@kirilmihaylov1934 no it hasn't. It's hard to believe the people saying the euro/EU will collapse next week, when that next week never comes

@@grassytramtracks there were 2 euro crises already

it is, in fact. for instance, in my country, Portugal, everybody hates the Euro (the 2 main left parties, with 20% of the vote are actully serious on leaving it). their argument is that the euro is too strong and it doent allow the government to control the currency. the problem is that our lat currency was a complete disaster and it only got solved when it was attached and then when we joined the euro. if our government had control of the currency, it would be a complete disater. our economy is uncompetitive because its based in low value added products. that situation was created by crushing burocracy, a extremely complicated tax scheme and a demonization of profits and private investment. we also suffer from extreme brain-drain, with our economy unable to fix the youth, fresh from the universities and professional education to other stronger economies, leading to a eldery population, more public spenditure and one of the heaviest tax burdens in the world compared to the average income. but politicians prefer to blame the euro, that saves the poorest from ramping inflation.

CHEAP LOW LIFE CRITIC. their failures is not because of the Euro... their are simply corrupt and incompetent nations.... failure states..... in the USA there are different States with different economies..... some are like Germany and France and others States are like Greece & Italy, Portugal(failures) and so on..... so its not the Euro's fault.....

@@you-to-beornot-to-be9629 oh right, so the reason the Mediterranean states owe hundreds of billions to Germany - which is only something that happened after they were bullied and bribed into joining the Euro, is just because they are 'corrupt and incompetent nations' as you put it? Hahahaha! Just listen to yourself - desperate to stand up for your precious Central Bank!

@@neotropos i wouldn´t call them corrupt but due to public pressure passing reforms in the aforementioned countries is slow to nearly impossible. My own country also suffers from the same problem, as due cause relation it has slowed down the economic growth to certain degree, and economic recovery before covid for my country was more related to the global economy starting to recover. I wouldn´t call the governing bodies corrupt, stating them as Inefficient would be far more fitting description.

Most country did that

@Tom Tom the euro as well as the European union is positive but you're probably to young to understand the necessity of unity, and how it changed life, living in Europe. Just so unfortunate that there was no unity with the covid19 pandemic. The reason the UK left was totally based on disinformation, blunted lies and xenophobia.

Why not using the Kronur, if the danish people want to? Europe works fine. Denmark is still a sovereign country. Just like every member of the EU.

Sweden's Krona is not even coupled to the Euro.

@@jaaksavat7916 The driving force behind why the person on the street voted leave and the Labour parties fall from grace was illegal immigration coming from France, plus the constant disputes that had nothing to do with the UK but would block trade across the Channel. I voted remain but since the vote like many others I can now see the lies spun by the remain camp and I am so pleased we are free to make our own decisions. There are no countries in the EU just states, you only had to listen to the speech by VDL where she said "so called sovereignty if you like" to see that each member is having it's identity slowly erased. Everywhere the EU brain wash people into identifying with the EU flag and not their national flags to gradually undermine nation states. Have a look at the French overseas provinces spread across the globe and the amount of EU money spent in them next look at the troop deployment not just in those 13 provinces but in Africa supporting puppet governments that were former colonies and you start to understand why France is so keen on having an EU army that the remain camp said was not in the treaty. History will tell you that never works to take a people's identity, a trading block worked fine but the integration will not and the backlash will come

@@EmeraldDreami Yes, United States of Europe is a good thing. Those not wanting it should leave, like the UK did.

Euro banking and financial union good. EU making moral or ethical laws immoral.

Well the way its going Turkish Lira, Russian Ruble and Swiss Franc will eventually be replaced too by the euro in these countries over the next couple of decades but there is the UK w@nking in the corner in an adult freak show…i can see Switzerland and Turkey yielding under German pressure once 4-5 more countries adopt the euro (romania, bulgaria, croatia, czech republic and poland)…as far as Russia is concerned the deal is you keep Ukraine and we save you from your Chinese overlords but adopt the euro and harmonize Eurasian Union and EU…done and dusted

I am Bulgarian . We don't need the euro. Basically you are right

Some of those countries currecies are pegged to the euro. Sweden has had a much higher inflation the Denmark whos pegged for example.

So have the richer countries seen the same problems. Trust me. This administration that America has in office totally Sucks!!!🇺🇸

The Euro made monetary policy impossible for individual country

lol. welcome, captain obvious the wounded brexiteer.

@@CMoore8539 lady red herring, welcome.

@@vinniechan and another obvious statement. thank you.

it allows investment in those countries that would be impossible with a currency that can be destabilized really easilly. inflation is bad in weaker economies based in low added value exports, like turism and primaries and secondary industries. for instance, if the currency loses value, than imports become more expensive, that would mean that the italian industries could lose the ability to import iron, for example, a metal that italy lacks. and because its products are cheaper, it means that enters less money by each pound of transformed iron, and leaves more money for each pound of iron they import. Thats why inflation culminates in the closure of industries in countries with weak currencies, that means unemployment and incapability of the government to raise salaries, wich leads to the people becoming poorer and poorer. so, if those contries had complete control over their currencies (they still have lots of control, because nowadays its interest rate that matters, and the central bank still has a word about it), that would mean less investment, lower capital flow, lower dollar reserves (meaning that the country would be less capable to buy in the international markets that conduct transactions mainly in dollars and euros). this last point is one of the most important. when you have your own currency and a weak economy, you depend on your trade with the US to get dollars to buy oil in the international markets, for example. the euro gives power to every nation it joins. it controls deflation in germany and it controls inflation in southern europe. it also allows the government to issue cheap debt, wich can be good if you use that debt to build productivity. this was actually a problem in southern europe because the incapable governments did the wrong thing. it Portugal they turn the money into tar to make expensive highways with extremely low traffic, in Spain they built houses to feed theire huge construction industry until forming an incredibly housing bubble, in italy, the money disapered in corruption, and in greece it was spent in social programs to win elections. None of those are productivity generators. and the fault is not of the euro. it's like having someone struggle to cut a thread, you give them a pair of scissors, they stab themselfs to death with it, and then they say it's the scissors' fault. it is not.

It is total failor. In 2000 for one euro two CHF were paid. Today one euro = one CHF 🤦‍♀️.

@@youtubeprofile9495 Yes, remember when Swiss Central Bank panicked over rising CHF? 🤣🤣🤣 Remember when Polish with mortgages in CHF had to receive help? Back then investors were also thrown under the bus by Swiss Central Bank. Good to see things are settling now.

@@lv3609 euro is a failure

​@@youtubeprofile9495 "The USD is total failor. In 2000 for one USD two CHF were paid. Today one USD = one CHF 🤦‍♀." 🤡🤡🤡

Lots of people's memories are too short to remember that in southern European countries, until ERM and the euro, inflation in those countries was often 10% or more

Sadly, the netherlands is stealing money from other countryes with tax heaven.

Why Italy and Greece hates it???

@@edwardkenway2652 Because it exposed their corruption and economic weakness. Greece especially would've still been in trouble Euro or Drachme.

@@din6675 oh I see

True

You need the stability, predictability and ease to trade internationally of the euro. This is one of the factors which makes Ireland be in the top most attractive investment destinations.

@@AndrewNC22 yes that is true but it's getting impossible to live on a normal wage here Ireland is one of the most expensive places to live in Europe everything from petrol diesel house's cars insurance electric gas internet tv and food I could go on but the list is so long

@@openureyes it is not true because Euro makes you poorer . On top of that you lose monetary independence to the ECB .so basically Ireland shouldn't have gone into the eurozone

@@AndrewNC22 not true . You don't need euro for that

Yes, it’s been a roaring success for Greece.

And for Lithuania

@@srbs73 Greece lied to get in the eurozone before it was ready.

@@_jallo_ and everyone knew and ignored it

The UK and Ireland got millions for infrastructure.

If the EURO is the best idea in Europe in the last 20 years then you obviously think German and French banks money laundering thier debt through Greece is a morally exceptable way to conduct global finance. In other words you are tolerant of destroying countries for the greater "good"... That "good" happens to be exploitation of the masses to improve profit margins for pan global corporations, so rampant (unadultuered) capitalism. all those victims of 2 world wars died for no reason...

I hope OPEC will accept a more stable currency than the US dollar. I doubt, USA would allow this. The oil business is a major leg for the dollars value.

@@gluteusmaximus1657 that's exactly right

You won't get that on DW.

Everywhere else. The good side of the euro gets no press most of the time

Thanks for your input. I smell British jealousy

I actually would prefer my country to be outside of the euro area until there was a fiscal union. we are already in the euro zone and its fine, I agree with the single currency, but a gross tax harmonization is required.

Even amassing Debt that will make your eyes water

I am looking at buying shares in an ink company, with the amount of Euros being printed they should give a good return plus the euro notes will make great fuel when the euro crashes and the gas supply gets cut.

@@stevencharnock9271 there is no currency printing. its low interst rates that make getting a loan really easy. that is how money gets in the market. by investment. this is the kind of situation where inflation is actually good. but after a few months of low interest rates, they are eventually raised, meaning that getting a loan becomes harder, morgages get more expensive and so on, but inflation stops. people dont actually want inflation to stop. if inflation stopped, people would vote the government out next elections. that's why central banks prefer to keep inflation at a 2% rate. from 1%-2.5% this is healthy inflation. when salaries are ajusted to inflation with a 1.5% inflation is the ideal situation

@@Duck-wc9de If you want to believe the great recovery fund is actually being underwritten then fine dream on. They are printing money just as happened before with the old Reichsmark. Just a matter of time until we see wheelbarrow loads for a loaf of bread but they take the barrow as it is worth more, the collapse of the Euro is coming as for getting a loan really easy that does two things, it increases the price of property and leads to an eventual collapse in the market. Just look at what started the last finical collapse that spread from the USA. You really need to do your homework and read up on history.

It works for the US and is working for the EU. Sour grapes must leave a sour taste.

Here in Ireland were very happy as our economy is booming unlike our poor neighbour the UK whose economy is collapsing a little more every day. Brexit was a dreadful mistake from which I doubt they will recover for 50 years.

@@batcollins3714 how's it been over the last 20 years? Not just this moment in time. You think the UK's economy was any good when it was in the EU? I don't and it's only just left

@@batcollins3714 sorry since 1973 not the last 20 years

@@batcollins3714 if one looks at the exchange rate one sees the overall inaccuracy of your statement. Certainly with Rep. of Ireland being one of the PIGS and UK lending money to Irish government to save its economy from bankruptcy in last decade your analysis seems even more unsubstantiated. rose tinted glasses does not alter the real economics at play, especially as the 2nd biggest contributor to the EU fiscal pot has now left. Do you think Ireland is a net contributor or is dependant on EU for income?

I depends how you look at it: The wealth gap wasn't as wide as it is today. In a hard currency environment (which it was before), 2-3% of all companies went bankrupt every year, to make room for more efficient ones. This was where the german "efficiency" came from. Since that currency is gone, there is a lot of cheating going on, rich get richer, poor get poorer and the amount of 'inefficient companies' (which are on the lifeline of the ECB money printing) have cumulated to 30-40% of the economy. No more innovation. No more improvement..

Of course it is, Ireland is still part of the EU.

@@laurioskari1894 of course Ireland is still in and it’s one of the most spoken languages globally.

According to EU official website, EU has 24 official language which include English and Irish. Does this Irish mean Gaelic?

Yes, Ireland is still in the EU, and is the 2nd most pro-EU country in the union

The EU seems to want to be able to do everything but sometimes I wonder if it's better if they just admit it's not their business model and it's OK I don't think any of the EU country would want a business model like Hong Kong or new York

@Simeon Wardle “The Euro is an efficient way to “money launder” the Deutschmark’s dominance.” There is nothing “money launder” of it, you’re misusing the word. By choosing to pin these words to a normal economic operation *you’re whitewashing* money laundering were it effectively occurs. 😡

The biggest money laundering country in the world is the UK, and it's why they were in a panic to get out of the EU before the new anti money laundering laws were brought into law in the EU.

@@batcollins3714 that is real money laundering because London is as good as any where to do it. I said "money laundering" as in it is legal but has all the same hall marks

@@MrSimeonk “I said “money laundering” as in it is legal” And why money would need laundering if it is legal?? The need for money laundering is, when its have been obtained by illicit behavior. You’re misusing the word and whitewashing the actual nefarious activity of “money laundering”

@Anna Lutz Yes, remember when Swiss Central Bank panicked over rising CHF? 🤣🤣🤣 Remember when Polish with mortgages in CHF had to receive help? Back then investors were also thrown under the bus by Swiss Central Bank. Good to see things are settling now.

Just a question, if you importing nation strong currency is good but you are exporting nation, weak currency is good. Thus, if EU is exporting to Switzerland, isn't it beneficial for EU to have weak currency than Switzerland.

@@lostlegend9015 “Thus, if the EU is exporting to Switzerland, isn’t it beneficial to EU to have weak currency than Switzerland.” Switzerland is a high tech manufacturer, mostly highly specialized (micro mechanics, medical devices, pharmaceutical, and well chocolates 🤣🤣). EU can’t easily replace those products coming from Switzerland, so no gain from EU to place its products _over_ Switzerland market. There are other products EU export to Switzerland. It’s symmetrical for most part. Switzerland also have big insurance with presence in EU market, and also in USA but in USA they’re not the dominant.

@@lv3609 I am not European, but from developing nation. I was told a simple logic, the weaker the currency you have the more cheaper you can produce good for international market. Thus, making export easy in foreign markets. Something, which comes to my mind is to have a weak currency. High tech manufacturing doesn't mean you can produce cheap. I think Germany, France and Itlay too have high tech manufacturing good. US is of another level yet it's China which is manufacturing Hub of World.

@@lostlegend9015 The logic you presented (was told to you) is somewhat valid, is just one dimensional, in economics. Yes if you produce cheaper you’ve better chances of selling to others (but bear in mind cheaper is just ONE factor in a buying decision). There’re things that matter before you come out with a product to sell. Most countries don’t have all the primary goods & energy resources, how much cheap you can produce is dependent on this and the value of your currency influences these imports. Next workforce factor (let’s examine in economics and in society). How cheap is your labor force is “usual answer” by many governments, and some will go the step to assure cheap labor by restricting labor rights. Weaker (cheap) economy means you can’t level up everybody and plus the economy is sustained (needs) on cheap labor. There will be a few who gets rich by increase of sales, and there’s probability of have big wealth disparity. The artificial weakening of currency by a country is frowned and criticized by counterpart countries, it is known as “beggar thy neighbors” policy.

'The oppressor?' Who is oppressing you?

@@HansBezemer Why are you a stranger in your own country? I mean, this is usually coming down to personal preferences and it seems to me that your preferences are different to others in your area. It happens all over the world. It just depends what you point at.

@@nothereandthereanywhere Obviously, you have never been to a foreign country handling unfamiliar currency. That's what it's like handling the Euro. And then to think we had some of the most beautiful currency in the world - with artists like Oxenaar and Drupsteen. If you look at the brain dead garbage occupying our wallets today, I could cry.

Though no one talks about how high inflation was pre euro in the poorer Eurozone members, often 6-10% a year in countries like Spain, Greece and Italy. The euro is imperfect, and they should have been more careful about who got let in, under what terms and how much money got lent to weaker economies, and set monetary policy to consider all countries, but it's important to see everything in a more balanced way by seeing the good side of the euro as well as the bad side

@@grassytramtracks The good sides are for the richer countries not the poorer ones though. The poorer countries have got considerably poorer and the Euro has hindered not helped. The debt mountains these countries have accumulated and their inability for their currency to devalue making them more competitive within Europe and the world is why. The ongoing chrisis that is PIIGS is evidence enough of all that is wrong with the Euro... And how has the Euro combated the latest inflation? The Euro makes Germany more competitive than they should be and the poor countries less...

Sounds like the problem is being poor not what currency you are poor in. Maybe try a better government?

Not because of that

Housing is in the power of the governments not the EU. Most of the governments we voted got bought and paid for by the developers and dropped the number of affordable housing built to ZERO! That *our* fault, as voters!

@@marilenaganea6578 Yes and no. It is very easy for companies to use the EU to their advantage for example for buying whole streets as investments but for indigenous populations inflation caused by this has a knock on effect that trickles up and down. A free market diminishes national government powers in favour of pan national corporations. Luckily capitalism is so ruthless it does fix these problems eventually.

@@MrSimeonk I'm *not* a fan of pan national corporations, not at all. In my humble opinion from time to time these corporations should be broken in small pieces to keep the level playing field even and competition fair for everyone! But then is our fault too! We didn't vote governments with this type of policies. We voted crazy neo-liberals who would sold out mothers if they could get a profit from it!

@@marilenaganea6578 I hear you and I feel it may go deeper to the heart of the problem which is demokratia. current democracy is built around banking system(s) which are manipulated by pan corporations. One has to only look at the pandemic as evidence of this paradigm. There are certainly no easy solutions and the EU has tried to take on these global corporations but is losing this battle, as its system is designed to work for these leviathan corporations. Certainly, the paradox is the EU sprang from pan European unions defending the worker rights...

it allows investment in the poorest countries that would be impossible with a currency that can be destabilized really easilly. inflation is bad in weaker economies based in low added value exports, like turism and primaries and secondary industries. for instance, if the currency loses value, than imports become more expensive, that would mean that the italian industries could lose the ability to import iron, for example, a metal that italy lacks. and because its products are cheaper, it means that enters less money by each pound of transformed iron, and leaves more money for each pound of iron they import. Thats why inflation culminates in the closure of industries in countries with weak currencies, that means unemployment and incapability of the government to raise salaries, wich leads to the people becoming poorer and poorer. so, if those contries had complete control over their currencies (they still have lots of control, because nowadays its interest rate that matters, and the central bank still has a word about it), that would mean less investment, lower capital flow, lower dollar reserves (meaning that the country would be less capable to buy in the international markets that conduct transactions mainly in dollars and euros). this last point is one of the most important. when you have your own currency and a weak economy, you depend on your trade with the US to get dollars to buy oil in the international markets, for example. the euro gives power to every nation it joins. it controls deflation in germany and it controls inflation in southern europe. it also allows the government to issue cheap debt, wich can be good if you use that debt to build productivity. this was actually a problem in southern europe because the incapable governments did the wrong thing. it Portugal they turn the money into tar to make expensive highways with extremely low traffic, in Spain they built houses to feed theire huge construction industry until forming an incredibly housing bubble, in italy, the money disapered in corruption, and in greece it was spent in social programs to win elections. None of those are productivity generators. and the fault is not of the euro. it's like having someone struggle to cut a thread, you give them a pair of scissors, they stab themselfs to death with it, and then they say it's the scissors' fault. it is not. the baltics, finland and ireland show you how the euro its supposed to be used. Well used.

Such a "failire" that the EU had been around for 64 years. So much for "piwerful" Goof. 😂

Boss, are you familiar with the concept of "population"? We used to have a way bigger share of that, y'know.

@@Questchaun Don't dabble in lies and wordplay, EU, which is celebrating it's aniversary came into being on Nov. 1 1993. Also today no country has the authority left in them to challenge EU, hence they were more powerful previously than they are today. Russia just last wek showed you your place in the scheme of things lackey.

@@magatism you should demand your FSB handlers some English lessons

@@marilenaganea6578 And you should demand a more free spirit frim the mother that produced you.

The biggest US lapdog is the UK, happily gone from the EU. We don't have to rush to war when the US decides but they use the UK as an aircraft carrier.

Reason?

Greece should have never entered the eurozone but EU? Seriously? Europe IS Greece. Even the name of “Europa” is Greek.

Sorry - the Dollar is quite a bit less than the Euro, wich is good for US exporters.

Hi I’m Peppa, I agree with this message. 🐷

^Least historically illiterate American conservative

well then u should take some education in history, Germany didn't start the first world war.

Two world wars are the only wars Britain is happy talking about. Doesn't like to mention the wars it started and facilitates. Self serving and blinkered.

I have some maga hats to sell you

@@marilenaganea6578 🤣🤣🤣🤣🤣🤣