It is quite clear and officially admitted, that France has not attained its Budget Objectives. The result is that France is in the EUROZONE Doghouse, but not alone ! Other countries like Italy, Greece and Spain keep them company !
What went wrong in France ?
- France generally overspent,
- Administrative costs were not streamlined,
- The Government did not directly invest to kick-start its economy,
- President Hollande dithered in front of his crystal ball, while...
- Unemployment kept rising !
Everyone sees the French errors, but what is less evident are the blunders and weaknesses in the EUROZONE which people in Brussels choose not to admit or address !
The original "big blunder" was to create a large EUROZONE too quickly. Greece is an example. It presented acounts which were quickly adopted by Brussels. Later Greece had to ask for "Financial help" !
In next to no time, the EUROZONE became a collection of 17 ill-assorted countries under the same roof, all governed by the same Treaties containing the "Principles of the EU" !
The EUROZONE is defined by the fact that all members have the EURO as their currency ! To control the parity of the EURO there are "Golden Rules" (which France has transgressed).
What is incoherent in the EUROZONE is that every country has its own policies. Health care objectives vary, tax rates vary, social benefits, pensions, hours of the working week, they are all differently defined !
Because of its size the EUROZONE dominates debates in the EU, particularly when it comes to "controlling" immigration and migration and defending the borders of the EU ! Is it normal that cheap Asian products, mass produced with child labour, are allowed to be dumped in the EU ? Does this not create more unemployment, even in the EUROZONE ?
Britain wants a revision of the EU Treaties and France of the EUROZONE as well ! In the recent EU Elections voters were quite clear that they expect Juncker to act !
Will the EUROZONE permit this ?
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