Published On: Wed, Aug 21st, 2019

EU news: How Yanis Varoufakis revealed REAL reason behind eurozone creation | World | News


After the last European elections, there is no doubt there is a growing opposition to Brussels across the continent. Eurosceptic parties in Italy, France and Britain enjoyed their ever best result, winning more seats than ever before and upsetting the status quo. Moreover, after the populist government in Rome teetered on the brink of collapse this week, Italy has once again emerged as the prime candidate to follow in the footsteps of Brexit Britain.

Former Italian Prime Minister Enrico Letta claimed the chance of an ‘Italexit’ if Matteo Salvini’s bid for power is successful remains high.

He told AFP: “One day, he can say he wants Europe, the next that he wants to leave.

“With Salvini, an Italian ‘Brexit’ is not impossible.”

Fratelli d’Italia (Brothers of Italy) MP Fabio Rampelli, whose party also joined the government due to their electoral alliance with Mr Salvini, also appeared to signal Italexit could still be on the table last Thursday.

In a newly-resurfaced debate at the Oxford Union, former Greek financial minister Yanis Varoufakis noted how this growing eurosceptic sentiment across EU 27 should not come as a surprise and blamed former French President François Mitterrand for it.

Helmut Kohl and François Mitterrand, respectively German Chancellor and French President when the eurozone was first conceived, were the main proponents of a common currency to strengthen the EU.

Despite the common belief that Mr Mitterrand only agreed to support plans for the eurozone in order to limit Germany’s power, Mr Varoufakis instead claimed that the French President’s real goal was to achieve a federal Europe.

The Greek economist explained in 2018: “François Mitterrand, very smart man, understood very well that the monetary union that we now have in Europe is not sustainable. He understood it.

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Mr Varoufakis added: “But he was precisely wrong.

“Yes, the currency union will create a gigantic crisis and dissolving this monetary union would be extremely painful for everyone, but the crisis that the monetary union is capable of producing poisons democracy.

“If you go now to Germany, if you go to Italy, if you go to France, even to Greece and you say to people: ‘what we need is a federal Europe. We need more Europe.’

“They say: ‘No way! More Juncker? More Merkel? Go away!'”



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