le pen’s plan to jettison euro spooks french business
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Le Pen’s plan to jettison euro spooks French business

Arab Today, arab today

Arab Today, arab today Le Pen’s plan to jettison euro spooks French business

presidential candidate Marine Le Pen
Paris - Arab Today

The euro — and her fervent wish to withdraw from it — is a central theme of every stump speech by French far-right presidential candidate Marine Le Pen.
Le Pen calls the single European currency “a knife that you stick in a country’s ribs to force it to do what its people do not want to do.”
The leader of the National Front (FN) blames the euro for driving up prices, hurting exports and adding to France’s already colossal trade deficit.
She has pledged that, if elected, she will throw off the shackles of the common currency and restore France’s monetary sovereignty by resurrecting the franc. With all opinion polls showing her getting past the first round of the election on April 23, making the once-unthinkable prospect of a far-right presidency no longer completely implausible, economists and business leaders are worried.
Although Le Pen, 48, currently looks set to lose the May 7 runoff, probably to independent centrist Emmanuel Macron, no one is being complacent.
“No one knows what will happen,” said Jean-Lou Blachier of France’s Confederation of small-and medium-sized businesses, referring to Britain’s surprise vote to leave the EU and Donald Trump’s shock election in the US last year.
Le Pen argues that bringing back the franc would help retool France’s ailing industrial sector. She believes a devalued national currency would make exports cheaper, boosting job creation. Emboldened by Britain’s taboo-breaking Brexit vote, Le Pen also promises to hold a “Frexit” referendum, saying the EU “shuts us in, constrains us, bullies us.”
Most experts, however, say that scrapping the euro would be disastrous, and not just for France.
Ratings agencies have warned that the euro zone’s second-biggest economy could be headed for a default if the country converts its towering €2.2 trillion debt into francs.
“If France leaves the single currency, the whole euro zone could disappear,” said Mathieu Plane of a French economic think tank, the OFCE, warning of an “unprecedented crisis.”
Benoit Coeure, who sits on the board of the European Central Bank (ECB), warned that France’s borrowing costs would rise and that prices would rise, rather than fall.
“Inflation, which would be out of the hands of the ECB, would eat into savings, fixed incomes, and pensions,” he said. “Leaving the euro would be choosing impoverishment.”
Le Pen has dismissed the criticism as scaremongering. “That is called Project Fear. It was used before Brexit,” she told her conservative rival Francois Fillon during a TV debate this month when he warned her program would trigger “economic and social chaos.”
Le Pen suggested bringing back the European Currency Unit (ECU), a pre-euro basket of currencies, that businesses could use alongside the franc. But polls show voters are still unconvinced.
Paris University economics professor Dominique Meurs said that despite the resistance, he expected Le Pen to stick to her guns.
It is not just in France that big business is worried about Le Pen’s election pledges.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

le pen’s plan to jettison euro spooks french business le pen’s plan to jettison euro spooks french business

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

le pen’s plan to jettison euro spooks french business le pen’s plan to jettison euro spooks french business

 



GMT 06:49 2012 Saturday ,01 September

Lamitta Frangieh on her \'Facebook Romance\'

GMT 08:26 2017 Wednesday ,08 February

Qatar spending $500m a week on World Cup projects

GMT 17:00 2017 Tuesday ,27 June

Saudi Arabia rebuts fake news on Turkey, Israel

GMT 10:31 2016 Monday ,12 December

Second Sydney airport cleared for take off

GMT 05:27 2017 Sunday ,16 April

GIB Capital wins 4 EMEA Finance Awards

GMT 13:58 2016 Friday ,30 December

Australia beat Pakistan to win Test series

GMT 10:07 2017 Monday ,17 April

Mark Hamill would like to play George Lucas

GMT 12:10 2016 Tuesday ,13 December

Over 30 dead as Kenya tanker crashes, explodes

GMT 02:13 2017 Monday ,25 September

December22nd-January20th

GMT 15:39 2017 Tuesday ,03 October

Bangladesh rescues 20 Rohingya held by racket gang

GMT 02:51 2017 Friday ,10 November

Under siege, Syria doctors forced to improvise care

GMT 12:18 2015 Tuesday ,14 July

Russia sack Capello as national team coach

GMT 16:07 2017 Saturday ,26 August

ISIS Claims Attack on Shiite Mosque in Afghanistan

GMT 13:47 2017 Monday ,27 February

China blue chips post worst day in 2 months

GMT 02:56 2017 Tuesday ,25 July

President Jokowi performs Eid Prayers in Padang

GMT 16:21 2017 Tuesday ,03 October

Sisi greets Guinea on independence anniversary

GMT 04:18 2017 Saturday ,16 September

Kim and Kanye expecting third baby via surrogate
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday