Euro: 10 years to survive for the "weak Deutsche Mark"

The euro may not exist in ten years’ time if Paris and Berlin fail to bolster the single currency union. The warning has come from the French presidential candidate Emmanuel Macron in a speech at Humboldt University in Berlin on Tuesday, as cited by Reuters.

Macron was economy minister under Socialist President François Hollande until he resigned this year to create his own political movement and stand as an independent candidate in this year’s presidential election.

The truth is that we must collectively recognize that the euro is incomplete and cannot last without major reforms,” Macron added.
Speaking on the fiasco of the single European currency, he stated that “It has not provided Europe with full international sovereignty against the dollar on its rules. It has not provided Europe with a natural convergence between the different member states.”

“The dysfunctioning of the euro is of good use to Germany, I have to say,” said Macron, adding that a lack of trust between France and Germany was blocking major reforms that would increase solidarity among the 19 members of the eurozone.

“The euro is a weak Deutsche Mark,” said Macron. “The status quo is synonymous, in 10 years’ time, with the dismantling of the euro.” He proposed the creation of a eurozone budget to finance growth-oriented investments and to extend financial assistance to struggling member states.

With 100 days to go before the France’s presidential election, Macron also said Germany and France are united in the fight against terrorism. “I am convinced it is the historic destiny of France and Germany to lead this fight together, because they have been hit the same way.”

“Obviously, Germany has been hit more than France by the issue of migration. There is solidarity between France and Germany to lead in a spirit of responsibility.”