9th Apr 2020

Germans most sceptical towards euro

As the single currency approaches its first anniversary, around two thirds of Germans surveyed say they are unhappy with it, making the EU's largest economy the most sceptical in the eurozone.

A European Commission poll found that many Germans blame the replacement of the Deutschmark for a rise in prices and the current economic slowdown. Economic analysts and the European Commission deny the claim that the euro changeover led to major price hikes, arguing that actual overall price inflation was no more than 0.2%.

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But the 67.8% of Germans saying they are dissatisfied or outright unhappy with the euro, shows a marked contrast with nearly 80 per cent of Belgians and Finns who declare themselves pleased with the single currency, reports the Financial Times.

The smaller nations of Luxembourg and Ireland are also among the currency's biggest fans, followed closely by nations previously with unstable, inflation-prone currencies like Italy an Greece, although Italians do complain that the coins are too heavy. Overall, nearly half (49.7%) of Europeans surveyed said they were basically satisfied, with 38.7% feeling negative towards the currency one year on.

According to Deutsche Welle, the psychological acceptance of the euro is still one of the biggest barriers. Only 42.2% of consumers calculate prices in euros, prompting the European Commission to ask retailers to end the practice of displaying prices in euro and the old currency by the end of July 2003.

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