06 - 05
Because of the difficulties that some members of the eurozone have faced since the financial crisis of 2008, it is common to blame the single currency itself.
In fact that crisis hit countries inside and outside the eurozone alike. And being outside has not shielded Britain from having to take painful austerity measures very similar to those of the eurozone.
While Greece and some other members have struggled to adapt, countries such as Germany, the Netherlands, Austria and Finland have benefitted. Without the euro, the European economy could have been destroyed by a wave of competitive devaluations by individual countries similarly to what happened in the 1930s.
While unemployment remains high in some members of the eurozone, including in particular Spain, recent economic data show signs of a broad based recovery taking hold.
For the real facts behind some other weird and wonderful ‘euromyths’ check out the European Commission’s website.