German Euro: Majority of population think they would have been better off if they never made the switch

  • 65 per cent of Germans think the country shouldn’t have switched from Deutschmark to Euro
  • Highest-ever mark of disapproval of the single currency

By
Allan Hall

12:02 EST, 17 September 2012


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12:49 EST, 17 September 2012

Nearly two thirds of Germans think they would be better off if they had not swapped the Deutschmark for the euro.

This is the largest number ever to voice doubts on the single currency since it replaced the building bloc of the postwar ‘economic miracle’ a decade ago.

Some 65 per cent of Germans thought their personal situation would be better if they still had the D-mark, compared to 36 per cent of French who miss the franc, according to the survey by Germany’s Bertelsmann Foundation released on Monday.

Financial fracas: German Chancellor Angela Merkel spoke about a number of issues including the decreasing support of the Euro in her country as a new poll shows the majority of Germans feel they never should have switched currencies

The Germans are also less attached to the European Union, suggested the poll, which was conducted July 3 to 8 in both countries.

Some 49 per cent of those Germans questioned said they would be personally better off if the EU did not exist, compared to 34 per cent of French who said they would be better, or much better off without the EU.

The poll, also carried out in Poland, showed only 28 per cent of Poles believed they would be better without the EU.

Nevertheless, despite their apparent skepticism about the euro on a personal level, 69 per cent of Germans said they believed the EU was a model for the rest of the world, compared to 56 per cent of French and 59 per cent of Poles.

Germany has largely managed to ride out the recession that has engulfed most of the world due to its strong export market and solid industrial base. But the economy is now slowly heading south and, with no end in sight to the euro crisis, disillusion with the currency that their chancellor Angela Merkel has staked her career on is expected to grow.

Last week the country’s highest court green-lighted the bailout funds for the euro that will cost German taxpayers £151billion – 60 per cent of all tax revenues for this year.

Old over new: 60 per cent of Germans feel they would have been better off if they stuck with the Deutschmark (left) rather than switching to the communal Euro (right)

Germans who bought into the assurances that the euro was a strong currency that would be good for trade, good for banks, good for savings and would do away with pricey, pesky foreign exchange transactions when going on holiday to boot, now find themselves deeply disillusioned with it.

Only the political and banking elite are still fighting for it, believing its failure would be a failure of the entire European project.

Many experts believe it will still be Greece that rips the eurozone apart, despite the hundreds of billions in aid which has flooded into the country. Bankruptcy would be a tectonic shock to the euro zone from which it would probably not recover.

The world economy would be plunged into turmoil and recession the like of which has not been seen since the great depression of the 1930’s.

The so-called troika of the EU Commission, the European Bank and the IMF has recently been intensely monitoring Greek efforts to make the cutbacks demanded of it for more aid.

They have been severely disappointed at what has been achieved so far – just one third of savings targets reached in the past two years. If the IMF turns off the money tap, so will other countries like the Netherlands and Finland, who have linked their aid directly to the IMF.

The comments below have not been moderated.

They catch on in the end…. They will never rule Europe.

Golum
,

Wirral,
18/9/2012 03:40

Bit late, no?

David – Thailand
,

Chonburi,
18/9/2012 03:10

Germany please shape up. You have a fat old frau dictating not on;y your country but all the rest of the EU on monetary policy. She is completely incompetent and basically still toes the party line. You have been their before with a crazy leader……don’t let it happen again. We all know that the euro is finished, don’t let you government waste all you your taxes be wasted

Old Chap
,

St Georges Grenada WI,
18/9/2012 02:40

germany is the ONLY okay economy is europe ! They are right about wishing they never converted to the euro and like Britain should go back to the deutchmark and leave the EU which is becoming a welfare charity for loser countries !

paul martin
,

Beverly Hills,
18/9/2012 02:34

Predictable result. Those countries getting bailed out like the Euro, those countries doing the bailing don’t like it. That’s why Greece/Spain etc will never leave the Euro. They are like benefit junkies in the UK.

Joe
,

EUSSR, United Kingdom,
18/9/2012 02:27

They se it for what it is and will place every possible obstacle in the path of the World Government endgame.

L. England.
,

Leics. England.,
18/9/2012 01:49

Good! hopefully the EU will dissolve in time too.

Gaz
,

Manchester,
18/9/2012 01:28

The Euro was a bad idea its just a matter of common sense, sometimes the politicians cannot think along those lines.

magonia
,

norwich, United Kingdom,
18/9/2012 01:20

the average german has had these thoughts almost from the get go, judging by my relatives, tempered only by a then belief that things might settle down. sadly, it never did, isnt likely to, and has done untold damage across the board. if the powers that be had actually had any sense (yes, i know, a politician with sense, im dreaming!) they wouldve first started banding together like countries to like, stabilize those within themselves, then attempting to equalize the little mini euro states PRIOR to lumping them all together. hate to say it, but germany should have known better after what happened when the berlin wall fell, it was chaos, what on earth were they thinking to back a nations-wide version of that?

L.Blake
,

Slough, United Kingdom,
18/9/2012 00:50

I wonder why the undemocratic faceless ones in Brussels don’t have a referendum on this issue?

Trevor
,

Ammanford, United Kingdom,
18/9/2012 00:49

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