Der Euro in Europa - Deutschland
in Germany has passed the politically sensitive
4 million mark to 4.5 million, while seasonally
adjusted unemployment has risen every month
since the launch of euro notes and coins.
Unemployment could be as high as 6 million
when the hidden unemployed are taken into
account, according to the Kiel Economic
Institute in Germany. More than a quarter
of a million jobs have been lost since the
introduction of euro notes and coins.
have been huge numbers of business insolvencies
in Germany since the introduction of the
euro. Recent figures from the BDIU, the
German Federal Insolvency Office, showed
that 41,500 businesses have gone bust since
the euro was launched – causing the loss
of 650,000 jobs. This means that 1,800 Germans
are losing their job every day because of
failing businesses. Creditreform, another
insolvency agency predicted that as many
as 690,000 jobs could be lost in 2003 as
a result of businesses going bust.
sector in Germany is being crippled by job
losses. Up to 600,000 jobs could be lost
in 2003 in the manual workers’ trade, according
to a report on the state of the industry
by the ZDH trade association. The construction
industry has been especially badly hit,
with 10,000 construction businesses going
bust in 2002.
by the IFAV consumer research group has
revealed that between June 2001 and February
2002, prises rose on 10,000 different products.
Another more recent survey in the New York
Times found that 80 percent of restaurants
and cafes in Germany had increased their
prices. The euro has been nicknamed the
“Teuro” in Germany, which is a pun on the
German word Teuer, which means “expensive”.
95 percent of Germans think that prices
have risen since the launch of euro notes
with the euro is very strong in Germany
where 61 percent say that they want the
mark back. There were two “consumer strikes”
in Germany during the summer to protest
against euro-related price rises. Germany
dislike of the euro led to the retail chain
C&A, deciding to accept Deutschmarks
in their 185 shops throughout Germany.
is very close to recession. Growth hit a
nine-year low in 2002, at 0.2 percent. The
German government has downgraded its growth
projection for 2003 from 1.5 percent to
1 percent. However, most economists in Germany
believe that growth will in fact be much
lower. The DIW economic institute projects
growth of 0.6 percent in 2003 and several
economists have talked openly of “recession”.
Dieter Hundt, the President of the German
Employers’ Federation has said, “Germany
is in the worst economic doldrums for 20
years” (Die Welt, 20 November).