EU news: “End of the euro!” Money is a ‘closing trap’ and will ‘explode’ – warning | World | New

Europe is struggling to grapple with the dangerous possibility of a chronic gas shortage as winter approaches as fears soar that Vladimir Putin will completely cut off supplies to the continent. The European Union has accused Russia of using energy blackmail and claimed the move was ‘politically motivated’, with gas supplies passing through the Nord Stream 1 pipeline to Europe already dipping to just 20% of capacity .

There are fears that Germany – home to the EU’s biggest economy – could slip into recession as, according to official figures, 52.5 billion cubic meters of gas were imported in 2020 – around double the nearest nation.

Eurozone inflation climbed to 8.6% last month – from 8.1% in June – while earlier this month the struggling euro hit parity with the US dollar for the first times in over 20 years

European critic and Frexiteer Eric Noirez warned in an exclusive interview with Express.co.uk: “The situation in the Eurozone is dramatic, not to say desperate.

“We have record inflation, a record trade deficit, record public debts, continuing deindustrialization, growth still at half mast and, finally, a growing loss of confidence among investors and economic actors.

“The euro is a system that has run out of steam, but that is not very surprising, since the euro has always been a totally dysfunctional monetary system, which Europeanists have wanted to keep alive at all costs, through dogmatism which is really irrational.

“Today, the peoples that make up the EU are quite simply about to pay the price for this political choice, which has carried within it the seeds of disaster.”

Mr Noirez, a member of France’s Generation Frexit campaign, launched a scathing attack on “euro fanatics” who were obsessed with keeping the euro “alive at all costs, rather than saving the level life of people with”.

He claimed the EU had ‘shot itself in the foot’ and warned that the euro had now become a ‘trap closing in on us’.

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The Frexiteer continued: “The euro fanatics preferred to persist in their mistake and keep the euro alive at all costs, rather than save people’s standard of living.

“The EU has necessarily shot itself in the foot: it has reneged on its principles and its own rules aimed at maintaining economic stability for a frantic and suicidal headlong rush which today has led to the crisis of the euro that we live.

“From a fake good idea, the euro has become a trap that is closing in on us.

“But what we can most reproach the Europeanists for is their complacency and their inability to question themselves in the face of a system that does not work: they prefer to lead us into the wall and persist in denying the reality rather than being lucid and admitting their mistake.”

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In a huge warning for the single currency, he concluded: “The question regarding the euro is not whether this currency will explode or not.

“The euro will explode because the problems it poses are insoluble and because the crisis for which it is primarily responsible, as well as the differences it creates between nations, will become too great for it to explode. not.

“It’s simple logic: the euro blew up the debt, and now the debt is going to blast the euro.

“The real and vital question now is when and under what conditions the euro will explode.”

Earlier this week, EU member states rushed to approve a contingency plan to limit the use of gas in some countries.

Brussels is urging its member states to save gas during the winter months, with energy ministers giving the green light to all EU countries to voluntarily reduce their gas consumption by 15% between August and March compared to to the 2017-2021 average.

German Economy Minister Robert Habeck insisted the quick deal would show Putin that Europe remains united in the face of Russia’s latest gas cuts, saying: “You will not divide us”.

EU energy chief Kadri Simson said the new deal should ensure countries save enough gas to survive an average winter if Russia closes the gas tap now.

But she also warned that a generally cold winter would require tougher measures.