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“Euro is to currencies what tinder is to apps. Everybody loves to criticise it but but at the end of the day a lot of people you nwouldn t expect up using it i m sure many of you have heard economists nand experts of all kinds making predictions about the end of the single european currency. The best thing germany could do for europe nis quit. The single currency.
But it won t larry elliott for the guardian. The euro is a patently flawed construct nwhich its architects knew at the time of its creation. George soros. Nevertheless the reality is way different in fact the euro is the second most common nworldwide reserve currency and at the end of this video you ll see nhow it might not be far from being the first think i m going nuts definitely not look one third of the international trade nuses.
The euro as its exchange currency. 20 of the reserve currencies from central nbanks are denominated in euros. And many other countries also issue debt in nthis currency. But this is not the end of the story.
If you follow visualpolitik every week. You nalready know that donald trump is putting lots of tariffs on international trade. So. What does this mean think about it.
If americans are going to buy less stuff. Abroad. Nthere will be fewer dollars in circulation. Then again who s signing free trade deals with every nmother s son exactly the european union they have already passed a treaty with canada nthe.
So called ceta. But this is not the only one in the last two years europe has reduced ntariffs with japan. Mexico and many other countries in other words. The more europeans buy abroad nthe more euros.
There will be in circulation. This means. There could be a moment where instead nof having one hegemonic reserve currency..
We might have two the us dollar and the euro ok ok. I know what you re thinking. Now nand. What good does this do is it really useful for europeans to have nthe euro.
As the hegemonic currency well yes. And at the same time. No. If you re watching this video from any eu ncountry.
And let s say you have a company having the euro as the world s reserve currency. Nwo. N t help you all that much but if you re working for a european ngovernment boy you are really feeling lucky if there s a big demand for euros. The european ncentral bank will have a bigger margin to print money without devaluing it anyway we talk about this in our video about nthe dollar.
If you haven t seen it yet. There s a nlink in the description. Now the big question is why is the euro more popular than any other ncurrency for example. Why the euro and not the chinese nyuan.
Why are so many economists so critical of nthe euro. Today. We are going to answer. These questions nbut before we do let s take a look back at history.
Existential crisis. During the 70s european countries were happy nto trade with each other. Although. There was no european union back nthen.
There was something very similar the so called common market. Nonetheless. There was a problem each country had its own national currency and each currency worked in a different way for example..
The german mark was strong and nstable. But the italian lira was devaluing every other nday. So imagine this situation you work for a german bank and you lend. 1 nmillion liras to an italian company in this moment.
A million liras are worth n1000 german marks. But when it s time for that italian company nto give you back the money. The lira has been devalued. So even if you get 1 million liras back nwhen you exchange.
It to your local currency. You only get say. 900 german marks. A hell of a business transaction isn t it ok so in order to avoid this the european npoliticians met in a room and well apparently they tried something pretty nstrong.
They came to an agreement called the snake nin the tunnel. So well the snake is kind of a methaphor nfor. The currency fluctuations right because you know currencies go up and ndown like a snake. So if you don t want the snake to go crazy nyou make a tunnel right this way the currency doesn t fluctuate well look my dear viewers.
This was the n70s a crazy time were bob marley was still alive and bellbottoms were trendy. So did this snake in the tunnel agreement nwork of course not during the 80s european currencies went up nand down like a drunk snake in a very wide tunnel. This is why decades later european politicians nmet again in another room this time. It was 1992 and this agreement had na more proper name they called it the maastrich treaty and in this one they got really serious and nsaid let s not fuck around we will create a common currency for all no.
More exchange rates. Fluctuations or bullshit. What what do you say great. Britain.
You don t want in ok great britain you can go fuck yourself with your sterling npound your five o clock tea and your driving on the wrong side of the road and this is how a three step process to create na single currency started in 1999. All the eu stock markets started nlisting in euros and later on european citizens started using the new coins for their daily ntrades. Now..
We all have gotten used to hearing about neuros like any other normal currency. But make no mistake back then it was an nunprecedented financial experiment. And this is how the first critics came nup europe exemplifies. A situation unfavourable nto.
A common currency. It is composed of separate nations. Speaking ndifferent. Languages.
With different customs and having citizens feeling far greater loyalty nand attachment to their own country than to a common market or to the idea of europe. Milton. Friedman nand. Now you might wonder what is the problem with a single currency that s easy if we have a single currency that german nbank.
We talked about before will have no problems lending money to an italian or a ngreek company so what happens then well since there is no currency risk german nbanks having a lot of money lend it to poorer italian greek and spanish companies all of a sudden rich countries started investing nin poor countries like there was no tomorrow. And yes. Yes. I know what you re thinking nnow.
Where s the problem. Then well the problem comes with the crisis banks must take bigger losses on greek loans nsays german finance minister basically the southern european economies nare poorer and weaker when there s a crisis their companies are nthe first ones to go bankrupt. So if companies can t pay their debts back nthe banks can go bankrupt. Too.
This is what we call the risk of contagion. This explains why during the 2008 crisis nso. Many politicians and economists suggested abandoning the euro. Many of them talked about the creation of ntwo different.
Euros one for the wealthy countries solid and stable and another for the poor nones. One that could be severely devalued nonetheless today. The euro is still alive nand kicking..
Why we ll see right now long live chaos. Critics are right the european central bank. Nalso known as the ecb is a modern day babel tower. It works similarly to a country s government.
The current president is a man named mario ndragui and the executive board is something like the executive power. But we also have a legislative power. The ngoverning council. This is where you have representatives from nall.
The eurozone countries. There s one from spain one from france ngermany slovenia well all the countries that have the euro as their currency. These guys are the real decision makers they decide whether to raise of lower interest nrates or print. More or less money.
But before they do they have to reach an nagreement and this is where the problems start the southern european countries want to print nmore money. But their northern neighbours don t since they can t come to an agreement. It s nalmost impossible to make drastic decisions. This is all true.
And the problem is look at the camera for 4 seconds. In pure nsilence ahm. Well. Where is the problem.
I mean where is the problem in having a currency nthat cannot be devalued because those who are in charge of printing. It don t agree nwith each other isn t this a strength. We talked about this thousands of times on nvisualpolitik. The ” .
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