We have already covered the basic reasons why the eurozone is a total disaster here: we explained the reasons behind the fall of Italy since 2008. The figures look like a country which has undergone a war.
- Industrial production: -25%
- GDP: -7%
- Youth unemployment: + 100%
- Fertility rate: 1.4% descending
- Net Emigration rate: + 250%
- Percentage of bank non-performing loans: + 270%
We have to consider that the numbers pertaining to the net emigration are underestimated, as we have explained here.
So, inside the euro zone, there are many losers (among which Italy), but one clear winner: Germany.
Now we can argue that it is easy to blame German banks and policy makers for the disaster in Italy: in fact I insist on this point. It is entirely up to the Italian policy makers if Italy has fallen down into this dip: they sold their country for careers in Brussels, and with the support of those industries that produced outside Italy, where the labor force is cheap, and sold in those countries where the currency is strong.
Is it unethical to make profits in this way? for the entrepreneur it is not, for the policy maker who is supposed to stand up for the rights of the people, it is.
So, Italian policy makers, and all that intelligentsia (intellectuals, journalists, editors, opinion makers, economists) who have given their support to this project is to blame. So, it is up to Italians. The sooner they realize they have to stop blaming others for the disaster, the sooner they can get out of this mess.
Now, this news is remarkable: German Vice Chancellor Sigmar Gabriel has said a couple of days ago that:
"Germany is the biggest beneficiary of the European Community - economically and politically"
Bear in mind that this guy belongs to the SPD, the same party of Angela Merkel. He is the minister of economy of Germany as well. Maybe he will the next candidate that the SPD will use to replace Mrs Merkel as Chancellor.
Now, with this statement, I think that now we can bring the euro discussion to its natural conclusion: it was a project born to strengthen Germany. There may be many reasons for this.
Despite all of its defects, I think that the euro will survive for many years ahead. I explained the reasons here.