Not all countries have left equally unemployed, far from it, the arrival of the common currency to the Eurozone. While in some regions the GDP per capita has risen notably, in others the level of wealth has radically decreased.
Several economists are critical of the adoption of the euro: Bruno Colmant says that the euro in his conception was a total error, while others like Joel Mokyr describe it as an absolute disaster and predicted the complexity of its survival. Be that as it may, the single currency has not made it equal to all the countries of the Old Continent that have adopted it. For example, a button: the euro has made each German 23,000 euros richer and each Spanish 5,000 euros poorer.
Thus, citizens of countries such as Germany or the Netherlands have benefited greatly from the euro, while in other states of the Eurozone wealth has been severely depleted since the introduction of the currency. This is the case in Spain, where GDP per person has been reduced by 5,000 euros or the flagrant cases of regions such as neighboring Portugal, France and Italy.
This is the main conclusion of the study “20 years of the euro: winners and losers”, which has been published this week by the Center for European Policy, CEP, a think tank based in Freiburg (Germany).
The authors of the study, Alessandro Gasparotti and Matfthias Kullas, calculated how GDP per capita would have evolved in eight countries had they not adopted the euro, comparing the growth trajectory of euro countries with that of other economies that did not join the initiative and that they had shown similar growth trends before.
As the report states, while the GDP per person of the Germans has increased by 23,116 euros from 1999 to 2017, Italy and France have lost money uninterrupted since 1999, with a final negative balance of around 56,000 euros in Gaul and 73,600 euros, in the Mediterranean region.