French politicians have lost confidence in Germany and Angela Merkel, arguing that German policy would lead to complete chaos inside the monetary union, DWN wrote.
Shahin Vallée, former advisor at the French Ministry of Economy and the former EU Council President, has recently expressed his “disillusioned” opinion in the New York Times. He sharply criticized Germany and assumed that the tough stance of the latter towards Greece is just a prelude to what is to come: a fundamental conflict between France and Germany regarding the future of the European Union.
According to him, the controversy over Greece will lead to a serious split in the monetary union.
"The question is whether this breakdown takes the form of an ordered withdrawal of Germany, or whether there will be a slow and economically much more destructive exit of France and the Southern European states," Vallée said.
ECB member Benoît Cœuré also described the situation in dark shades. In an interview with Le Monde, Coeuré said that the current structure of the Eurozone is not working.
19 governments gathered in Brussels for 17 hours in order "to discuss the details for the country, which makes up less than two percent of economic output in the Eurozone," Cœuré, adding that the principle of intergovernmental management has failed.
If Europe’s leading lights fail to develop any alternative structure, the Greek crisis will repeat again and again, the economist argued.
