AfD Kompakt, January 7, 2022.
The euro has led to greater economic and political
instability. Herr Lindner and his colleagues are also implicitly responsible
for this, since they consider the introduction of a comprehensive transfer
union necessary for its maintenance. The creation of a transfer union and the
surrender of national sovereignty in favor of an EU federal state nevertheless
endangers the economic basis and the cohesion of the EU.
With the conception of the euro, a locomotive theory instead
of a crowning theory was set up. The common currency should compel the
convergence required for a functioning currency by means of the ban on monetary
state financing and the ban on communitarization of liability (Art. 123 and
125, AEUV).
The years-long violations of the stability rules have
nevertheless led to increased divergence and macroeconomic imbalances within
the eurozone.
Up to 2019, the debt ratio (60 percent of GDP) in far over
half the cases, and the deficit ratio in 109 cases, was not adhered to. Yet sanctions
were never declared. Some euro crisis countries were convicted of even more serious
manipulations of numbers.
As a result, in 2007 the hellish spiral of bank, public debt
and euro crises broke out and the ECB proceeded to an open monetary state
financing by means of the purchase of state loans and a low interest rate
policy. Its monetary policy is now in a state of “fiscal dominance”. It can
thus no longer independently direct the price level stability. All of this occurred
on the backs of all savers by means of an expropriation of unimaginable volume.
With the so-called euro rescue coverage, the member states
infringe upon the ban on liability communitarization. Under pressure of the
Federal Constitutional Court, the European Stability Mechanism (ESM) could only
be subsequently legitimated by means of an alteration of EU primary law.
Price level stability and an expansive fiscal policy are
only possible for durable state budgets. The so-called reconstruction funds, with
over 800 billion euros of direct debt for the EU, violate EU law and lead to an
additional indirect indebtedness for all EU states.
The euro project is stuck. An economic convergence of the
participating states has not taken place. A way out of the affair is not
visible. The Euro-minister’s celebration is the attempt to disguise the true
situation of the euro disaster.
[trans: tem]
