July 4, 2020, 5:31

Euro ‘Under Threat as Never Before’ – French Finance Minister

Euro ‘Under Threat as Never Before’ – French Finance Minister

French Finance Minister Bruno Le Maire has said in a statement that the euro “is under threat as never before” due to the risk of an economic crisis linked to trade wars and European politicians who want the use of the single currency to end.

“There are those who, like me, believe that the euro is now under a threat and has never been so threatened”, Le Maire told journalists, also mentioning “the risk of overvaluation of assets and the return of a financial crisis”.

According to AFP citing the finance minister, the threat exists not only because of the trade war between China and the United States, but also the emergence of right-wing leaders in Europe who would be happy to see its end.

“Our single currency is above all under threat politically now because many European leaders do not hide their desire to see the euro disappear”, Finance Minister Bruno Le Maire told reporters in Paris.

READ MORE: France’s Le Pen: Europe Has No Reason to Be Hostile Toward Russia

The statements follow another comment by Le Maire a day earlier, when he stated that a victory by Marine le Pen’s right-wing National Rally (Rassemblement National) in European parliamentary elections would be “serious for finances, and for the stability of the euro”.

On 23-26 May, the European Union is set to hold elections to its primary legislative body. The new composition of the European Commission and its head will be determined based on the results of the vote. A recent Ipsos/Sopra-Steria poll reported that Le Pen’s National Rally may count on 22 percent of votes, while Macron’s La Republique En Marche! was supported by 21.5 percent of respondents.

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