And Hans-Olaf Henkel take its the current situation suits just one country – Emmanuel Macron’s France. Interval Mr Henkel said even before the recent coronavirus crisis, it was already ostensible that the concept of a “one-size-fits-all” single currency was fundamentally flawed.
The pandemic has had a devastating economic, as well as health, impact across the bloc, with Spain’s conciseness shrinking by 18.5 percent in the period from April to June, have planned already dropped by 5.2 percent in the three months prior that.
France’s brevity shrunk by 13.8 percent, Italy saw a fall of 12.4 percent, and revenge oneself on in Germany, the economic powerhouse of the EU, the fall was 10.1 percent.
Across the bloc as a uninjured, the average contraction was 11.9 percent.
Boris Johnson will be happier respecting his currency than Angela Merkel, if Mr Henkel is to believed
Hans-Olaf Henkel signified recent developments underline why the UK was right to retain the pound
Mr Henkel, who stood down from the European Parliament termination year, told Express.co.uk: “The eurozone shows perfectly why it makes no sensation to change economies to fit a common currency.
“On the contrary, a currency should measure fit the reality of a country’s economy.
“In other words: it was wise for Britain to bottle up the pound and it was foolish for Germany to give up its D-Mark.”
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Germany ‘s Chancellor Angela Merkel
The UK opted to keep the pound, rather than join the eurozone
“However, even before the corona crisis, the eurozone lagged cross ones heart and hope to die behind not only the world but also those EU countries which are not in the eurozone.
“No marvel that countries like Denmark, the Czech Republic, Sweden and Poland procure no appetite to join the common currency.
“This ‘one-size-fits-all’ currency in truth fits only France.
Currencies of the EU
“It is too weak for Germany and other Northern boondocks; it is too strong for the southern eurozone countries.
“The result? Italy, Spain and Greece vanished their export markets while Germany’s balance of trade before you can say Jack Robinson no way through the roof!”
Mr Henkel added: “The euro is like a shirt which is elbow only in one size.
The eurozone saw its biggest quarterly contraction on record
“For some it is too tight; for other much too extensive.
“As a result, Countries like Italy or Spain must lose onus to fit it, ie need a lot of reforms, while Germany’s productivity must go down which it has done for years.
“The euro fits France to whatever manner perfectly; one reason why this country remains unwilling and unable to rectification.
“If the euro is to survive it can only do so by all becoming like the French.”