Euro May Vanish in 10 Years

The European currency may cease to exist in 10 years without significant economic reforms, mainly by France and Germany, according to French presidential candidate and former economy minister Emmanuel Macron.

“The truth is that we must collectively recognize that the euro is incomplete and cannot last without major reforms,” Macron said in a speech at Humboldt University in Berlin on Tuesday, as cited by Reuters.

Speaking on the fiasco of the single European currency, he stated that it failed to provide Europe with “full international sovereignty against the dollar on its rules,” and “a natural convergence between the different member states.”

Macron said that Germany and France are the two main powers that are able to change the situation. He believes that France must reform its labor market and education system to revive economic growth. As for Germany, the politician said the failing euro is currently benefitting Germany at the expense of weaker member states.

“The dysfunctioning of the euro is of good use to Germany,” he stated, noting that in order for things to change, the country should turn to investment instead of austerity. The German government under Chancellor Angela Merkel, for instance, has been strongly and consistently opposed to extending aid to countries in crisis.

An outspoken advocate of European integration, Macron also mentioned the lack of trust between France and Germany, which in his words is hindering eurozone reforms which could bolster solidarity among its 19 members and strengthen the euro. Likening the current status of the single currency to “a weak Deutsche Mark,” he said the creation of a eurozone budget could save the day for the euro. This budget could finance growth-oriented investments throughout the bloc and assist member states with weaker economies.

“I could tell you that Europe is out of date–it would be easier. Talking about turning the tables and using hard talk against Germans seems to be great politics in my country. We need a political willingness to move forward,” the politician also noted.

Macron said that if elected, he would back “strong” reforms and push for cooperation with Germany.

“There is a French responsibility to fix the situation. I will assume my responsibilities. France will assume its responsibilities. And I do trust Germany,” he said.