Many countries chose to adopt the Euro…many countries are living to regret that as even the EU has now admitted….however the BBC doesn’t seem to want to report such a major admission of fault the Telegraph reported it at 5:00 pm:
Euro ‘increasing unemployment and social hardship’, says EC
Deepening economic divisions between North and South, rich and poor eurozone countries threaten to undermine the European Union itself, report states
The 496-page report, “Employment and social developments in Europe 2013”, warns that deepening economic divisions between North and South, rich and poor eurozone countries threaten to undermine the European Union itself.
The stark findings, published by Laszlo Andor, the EU’s social affairs commissioner, acknowledges that the loss of sovereignty involved in giving up national currencies has led to a loss of flexibility in tackling the economic crisis.
“In the absence of the currency devaluation option, euro area countries attempting to regain cost competitiveness have to rely on internal devaluation (wage and price containment),” the report concluded.
“This policy, however, has its limitations and downsides, not least in terms of increased unemployment and social hardship.”
“Employment and social divergences are a sign that the EU does not fulfil its fundamental objective to benefit all its member states,” the report said.
“These trends are not only severely undermining the employment, social cohesion and human capital of individual member states but are also affecting competitiveness and growth in the EU as a whole.”
Might have thought that would be of interest to a news organisation.
The BBC were quick enough to report the below based on statements made by the same EU commissioner:
The government has promised to push ahead with plans to restrict access to benefits for EU immigrants, despite a European commissioner warning the UK risked being seen as a “nasty country”.