Euro may not exist in 10 years, according to France’s Macron

Though you think he’d be busier focusing on his plan to win the French Presidency, Emmanuel Macron still has time to speak about Europe and further issues.

At a speech at the Humboldt Universality in Berlin, Macron said

“The truth is that we must collectively recognise that the euro is incomplete and cannot last without major reforms. It has not provided Europe with full international sovereignty against the dollar on its rules. It has not provided Europe with a natural convergence between the different member states.

France must implement labour market reforms and revamp its education system to revive growth, while Germany must accept that more investment instead of austerity can boost growth across the euro zone area, the centrist politician said.

“The dysfunctioning of the euro is of good use to Germany, I have to say,” said Mr Macron, adding that a lack of trust between France and Germany was blocking major reforms that would increase solidarity among the 19 members of the euro zone. “The euro is a weak Deutsche Mark,” said Mr Macron. “The status quo is synonymous, in 10 years’ time, with the dismantling of the euro.”

He proposed the creation of a euro zone budget to finance growth-oriented investments and to extend financial assistance to struggling member states.

 

Mr Macron, a rare advocate in France of deeper European integration, has taken the unusual step of encouraging supporters to cheer the European Union at political rallies in contrast with other politicians who often rail against “Brussels”.

Mr Macron, 39, has enjoyed a boost in recent polls, which show him cementing his position as the presidential election’s “third man” and within a whisker of reaching the crucial second round runoff to be held in May.

An opinion poll last week showed conservative candidate Francois Fillon’s lead in France’s presidential election race had narrowed, with both Macron and far-right leader Marine Le Pen gaining on the former prime minister.

Source: Euro may not exist in 10 years, France’s Macron says, Government & Economy – THE BUSINESS TIMES

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