The euro has also brought interest rates to persistently lower levels, which is a good thing for anyone taking out a loan to start a business or to buy consumer goods. Has it damaged growth and the battle against unemployment?
The euro has acted as an economic shock absorber – and I would add that France has weathered the financial crisis very well – but it has also revealed the strengths and weaknesses of each economy. In 1999 the unemployment rate was higher in Germany than it was in France. Now it’s the other way around.