This week’s Accountancy Age/Reed Accountancy Big Question reveals that 75% of respondents fear a ‘Franco-German pact’ is interfering with the currency.
‘If we are to make a success of Europe, the collective good must take precedent over national self interest,’ said Bryan Armour of Parchment Housing Group.
An anonymous respondent asked why other countries would want to join the European Union, when they would have to change their fiscal policies to adhere to a ‘broken’ model.
Many respondents expressed concern that the larger EU member states are in a position to bend the rules as they see fit. ‘They are taking advantage of their geographical size and strength, said another respondent. It would be nice if Greece, Portugal or the Republic of Ireland could have a similar political influence.’
Croner Consulting’s Paresh Samat said that both countries should ‘accept the consequences of their actions’. Scott Robertson of British Waterways added: ‘France should sort out their economic deficit problems before preaching to the rest of the EU.’
Many others believed that both countries had broken the Stability Pact and were now undermining the euro. It has been reported that European commissioners are willing to pursue a legal case against the two nations for breaking the pact.
There were some dissenting voices against this viewpoint – but not many. A mere 14% of FDs disagreed over France and Germany?s political influence on the euro.
Moore & Blatch’s John Davies said: ‘As the eurozone increases in size, it is increasingly difficult for centralised control and rigid caps to work effectively for the benefit of individual member states. We may well see others joining in the footsteps of Germany and France before too long.’
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