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EU crisis: Bloc leaders ‘preparing huge costs on public’ as currency shamed as 'disaster'


Richard Wellings, former Deputy Research Director at the Institute of Economic Affairs argued that, by keeping the Euro intact, EU leaders are imposing “huge costs on the public”. Mr Wellings also labelled the Euro a ‘disaster’. His comments came in response to news on rising inflation across Europe.

Ambrose Evans-Pritchard, the Telegraph’s International Business Editor, wrote that the US Federal Reserve is currently suffering from a “credibility problem”.

This comes after its Chairman, Jay Powell, admitted that post-Covid inflation is not “transitory”.

But Mr Evans-Pritchard added that “if the Fed is in a mess, the European Central Bank (ECB) is in an even bigger mess”.

In November, inflation in the eurozone rose to 4.9 percent.

This was a record high since the currency was created more than two decades ago.

Mr Wellings suggested that this should come as no surprise, given that the Euro has – and will continue to be a “disaster”.

In a post on Twitter, he wrote: “The Euro has been a disaster and it would be better to organise an orderly break-up rather than prolong the misery.

“But EU leaders are prepared to impose huge costs on the public to achieve their goal of a centrally controlled, authoritarian superstate.”

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It is also much higher than the two percent target held by the ECB.

Leaders are now worried that inflation will not fall as quickly as previously hoped.

Luis de Guindos, Vice-President of the ECB, told Les Echos earlier this week: “In 2022, bottlenecks may last longer than expected.”

He added: “There’s a risk that inflation will not go down as quickly and as much as we predicted.”

The ECB will issue new inflation forecasts on December 16.

According to the Financial Times, it is expected that it will increase forecasts from those issued in September, when it forecasted a fall from 2.2 percent this year to 1.7 percent next year and 1.5 percent the year after 2023.

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