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Europeans old enough to remember: what was it like transitioning to the Euro currency?
- Thread starter Mekanos
- Start date
There are more or less 3 major ways to increase competitivity :
- Cutting salaries
- Currency depreciation
- Cost reductions through tech innovations / efficiency increase etc
Before the euro ( let's not consider all the SME shitshow ) the currency exchange rate was "determined" by the market. Now the exchange rate is fixed for all the countries that have the EURO which means , for example , that they can't "compensate" a demand shock with a currency depreciation.
The only instrument left is the first one which has a pretty big problem : it kills internal demand and that is exactly what happened in Italy for istance.
Also, and very importantly, having competent people in all the key/major positions (be it governments, corporations, factories, whatever). Something that in the South of Europe hardly ever happens because other """interests"""" get in the way (ie, corruption and money grabbing bastards take all those places).
I went to the candy shop, got me self some jawbreakers and shiny new euros, it was like getting new Pokemon cards, which was also popular back then.
But everything has become expensive since the euro introduction. You could do a lot with the equivalent of 5 euro before.
But everything has become expensive since the euro introduction. You could do a lot with the equivalent of 5 euro before.
A lot of places where I live already had euro price tags since 1999 or so, years before the transition.
I left for my traditional family visit in Japan for xmas, when I came back it was in euro. Vegetables and fruits doubled in price at my local stores. Ieeei.
It was however convenient for me, since I imported a lot from Germany and italy (cheaper movies, same region).
It was however convenient for me, since I imported a lot from Germany and italy (cheaper movies, same region).
I was a kid but I remember liking the coins a lot, they were really shining and cool. It was a bit cumbersome at first because I used to convert all the prices back and forth to know the value, but it was pretty hassle free in the end all things considered.
I was 13 and it was great. Older people took a while to get used, and everybody would be always converting to the older currency to get an idea of what the value of something was. I think for kids, it was mostly "a game used to cost that, now it costs this, therefore the other thing costs about twice as a game" sort of logic, lmao. Maybe not games, but you get the idea. It's not like at 13 you are handling that much money, really. At least I wasn't.
Oh, and yeah, getting coins from other countries was fun. During the first year, they were really rare outside of touristic areas.
Oh, and yeah, getting coins from other countries was fun. During the first year, they were really rare outside of touristic areas.
When were salary cut in Italy?
Italy has a huge problem, which is called inefficient public spending. Also, South of italy is lagging behind. If you look at North of Italy macro indicators they are on par with the South of Germany.
