Helmut Kohl's conjecture that the euro itself would lead to convergence has not been borne out.
This was the experience of Germany, which saw an enormous export of capital following the political decision to introduce the euro, and was hit by the economic crisis and mass unemployment. While Germany and its substantial efforts managed to get its unemployment, social spending and public finances under control again, many other countries did not manage this turnaround after the euro crisis: Either they lacked the economic substance or they were politically unable to implement the necessary reforms.
People's approval of politics depends heavily on their economic situation. In the south, in particular, the mood is tense. In several countries, strong protest movements have disrupted the established political system. Here, we will take a look at our five countries. How have France, Italy, Spain, Greece and Germany developed over the last ten years? Is there any hope that these countries can reverse the trend in the eurosystem?
Reference for the used photo:
- Cover photo: Christian Delbert @ Fotolia.com