Despite numerous pessimistic scenarios, the common currency continues to exist and still enjoys the strong support of governments and societies in Europe. This may be surprising in light of the controversy about the Eurozone during the crisis and its aftermath. Southern member states such as Greece, Italy, Ireland, Cyprus, Spain and Portugal have had to bear the severe impact of fiscal consolidations and the tremendous social cost of budgetary cuts. The way how the Eurozone crisis was managed provoked harsh criticism. However, in the north of Europe there is a sentiment of having to pay for the “reckless” behaviour of the southern countries.
The aim of the discussion was to look for an explanation for this paradox: Why does the Eurozone still exist, and why does it even enjoy strong support in most societies in the EU member states?
- Paweł Tokarski, Senior Associate, SWP.
- Miguel Otero-Iglesias, Senior Analyst, Elcano Royal Institute.
- Ognian Hishow, Reader, Free University Berlin.
Comment by: Jonás Fernández, MEP, S&D Group.
Moderator: Jean-Sebastien Lefebvre, Journalist, Brussels Bureau Chief, Contexte.