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Ancillary EU nations continue to reject the Euro which is a requirement for full membership

Ancillary EU nations continue to reject the Euro which is a requirement for full membership

On June 26 Andrej Babis, the man who is expected to take over the Czech Republic come October, cited that the people of his country do not want to integrate the Euro currency into their monetary system in a poll that showed 72% of the population are against abandoning the Koruna.

What is significant about this is that accommodation of the continental currency is a requirement for full membership into the European Union, and follows a recent trend where several ancillary nations who reside in Eastern Europe are also rejecting adoption of the Euro.

Billionaire businessman Andrej Babis, whose ANO party is likely to win the October general election in the Czech Republic, says keeping the koruna would insulate the country from crisis.

“No euro. I don’t want the euro. We don’t want the euro here,” Babis said in an interview with Bloomberg.

“Everybody knows it’s bankrupt. It’s about our sovereignty. I want the Czech koruna and an independent central bank. I don’t want another issue that Brussels would be meddling with,” he added.

A 2016 Eurobarometer survey showed that 72 percent of Czechs want to keep the koruna. The Czech currency has gained more than 20 percent against the euro since the republic became an EU member in 2004.

Czech public opinion about the euro has significantly deteriorated since joining the bloc. In 2009, 61 percent of people in the country wanted the euro. However, the euro crisis has made them change their views. – Russia Today

Besides the Czech Republic, Poland, Croatia, Hungary, Romania, and Bulgaria are the most significant economies standing on the precipice of full EU membership, but also wanting not to have to adopt the Euro as their primary currency.  And this policy has only gotten more entrenched in these nations following Britain’s move to leave the EU, one of the architects of the Euro currency publicly stating it is flawed and doomed to collapse, and the rise of the Eurasian Economic Union which offers an alternative to the EU where each country can still function in trade in their own money.

The fact of the matter is, to give up one’s sovereignty to the European Central Bank by giving up one’s own currency for the Euro has proven to be a severe detriment to current EU nations, especially those in Southern Europe.  And the track record of the currency, ECB policies, and the lack of economic growth in the EU as a whole means that keeping control over one’s own money is by far the best course of action for any country.

Kenneth Schortgen Jr is a writer for The Daily Economist, Secretsofthefed.comRoguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.


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