The disadvantage of common currencies is that they unfortunately do not tend to converge the different productivity levels of the participants, as the nice theory goes.
Quite the opposite! Before the introduction of the euro, the low-productivity economies of southern Europe were able to cushion the impact of trade deficits and lower productivity by continuous currency devaluation, which is not possiblewith a common currency.
Since the Great Financial (Public Dent) Crisis, to take Greece as an example, people in the south have suffered massive losses of income in real terms in order to compensate for the competitive disadvantage that they feel their overvalued currency has put them at. It simply cannot go on like this!
I would say. They went in search for food in the desert, they could only find sans everywhere.
When EU was established, all of them thought that this would end the doom and they could collectively be so huge that they would dominate the world. They forgot that what they thought of achieving could only be possible when they could join hands with China and Russia. They didn't do it. Instead, they remained with USA and.
Isn't it a paradox that once they wanted they wanted to defeat Dollar?
reply
Each country needs to have their own currency. Using one currency is convenient, but it has major drawbacks. The experiment needs to stop.
reply
What about France and the CFA. They still play fiat games with this and get the benefits of the euro correct?
reply
The Africans are kicking their ass and throwing them out country by country
reply
I think each and every country need to have their own currencies rather than just using euro 💶 using euro is kinda helpful still
reply
I think each and every people globally need to have their own sats 🟠 using sats is kinda helpful still and countries and govs are scams anyway #643333
reply
By adopting EURO as a currency EU had given away their future in the hands of a few crooks.
reply