The euro zone economy grew at a much faster pace than expected in the April-June period, but experts have warned that this could soon evaporate as higher prices, reduced Russian gas flows and supply chain issues flare up a mild recession. Last month, the euro fell to parity against the US dollar last month for the first time in more than 20 years. It has recovered to €1.03, but is still well below the €1.18 hit almost a year ago. Eric Noirez, a prominent EU critic and member of the Generation Frexit campaign in France, told Express.co.uk: “The euro is a system that has reached the end of its commitment. “But this is not too surprising, since the euro has always been a completely dysfunctional monetary system, which the Europeans wanted to keep alive at all costs, through a dogmatism that is truly absurd. “Today, the people who make up the EU are just going to pay the price of this political choice, which has carried the seeds of destruction within it. “The euro has pushed most of the countries that have adopted this inadequate currency into a deadly dynamic of general impoverishment and insecurity, trapping them in a vicious cycle, as this impoverishment has also resulted in exploding social benefit costs, a reduction in tax revenues and therefore colossal debt”. Mr Noirez launched a furious outburst against what he called ‘Eurofanatics’, adding: “Where common sense and pragmatism should have led to the end of the aberration that is the euro, the ‘Eurofanatics’ have preferred to persist in error them and keep the euro alive. at all costs. “Instead of saving people’s living standards, Eurofanatics have chosen to save the euro and have done it in the worst possible way. “Their policy consisted of massive monetary creation, and this in a completely irrational way. “In relation to GDP and the real economic activity of its territory, the European Union is the area on the planet where the most artificial money has been created in recent years. Absolute madness!” Charles-Henri Gallois, chairman of Generation Frexit, warned that the European Central Bank (ECB) faces a “huge dilemma” and that an attempt to tackle inflation could lead to a “collapse of the Eurozone”. The EU critic claimed it was a “wrong” to save the euro and that it “will die sooner or later”. But he also said the bloc’s crippling sanctions against Russia were doing more damage to Europe and warned that if this was not reversed, the continent could plunge towards the “biggest economic crisis in its history”. Mr Gallois told Express.co.uk: “Inflation on top of today’s low interest rates and high government debt is quite explosive. “The ECB has a huge dilemma. If he really wants to tackle inflation, he will need to stop QE and raise interest rates. “If they do, it will lead to a collapse of the eurozone, as interest rates will rise in southern Europe. “If they let inflation go, it will lead to massive strikes, social and economic problems, as we are seeing right now in the Netherlands. “The recession is obvious. Higher energy costs will reduce demand for all other products as the prices of other products rise. But he further warned: “It was a mistake to save the euro. The euro is badly built from the start and sooner or later it will die. “Economic sanctions that hit you harder than Russia are completely stupid. “I am against the invasion of Ukraine, but we should stop the sanctions and focus on peace to avoid suicide in Europe. “If we don’t, Europe will face perhaps the biggest financial crisis in its history.”
