Euro flatten

While one realizes that Epoch Times is a Falun Gong paper, and hence associated with promotion of a particular anti-Chinese Communist perspective, articles may be separated from such context.

Learning about yet another disadvantage to membership in the European Union; forced devaluation of the currency of particularly successful nations in the European Union, since the Euro plays to the lowest common denominator. Devaluation resulting in trade surpluses with the United States, as but one consequence, though a major consequence.

Article by Valentin Schmid, “The Trouble With The Trade Surpluses“, February 9, 2017:

Even Germany’s Finance Minister Wolfgang Schäuble agrees: “The euro exchange rate is … too low for the German economy’s competitive position,” he told German daily Tagesspiegel. “When ECB [European Central Bank] chief Mario Draghi embarked on the expansive monetary policy, I told him he would drive up Germany’s export surplus. … I don’t want to be criticized for the consequences of this policy.”

Draghi subsequently denied the allegations of currency manipulation in front of the European Parliament.

Similar to how Ireland can no longer control its own interest rates.

What possible logic established longer-term benefits to membership in the European Union?

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About brucelarochelle

Practising Lawyer and Part-Time University Instructor (Accounting, Commercial Law, Organizational Behaviour); Part-Time Federal Tribunal Member. Non-practising Chartered Professional Accountant (Chartered Accountant and Certified Management Accountant).
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