Since its inception two decades ago, the euro has cultivated a controversial image. Critics claim the unified currency fueled inflation, harming consumers. Twenty years on, The Süddeutsche Zeitung separates fact from fiction.
The narrative commences at the close of 2001, around the New Year. “In Frankfurt, numerous fireworks exploded outside the European Central Bank’s headquarters,” reports The Süddeutsche Zeitung. “The enormous blue and yellow euro symbol, prominently displayed on the building, glowed intensely in the smoky, moist air.” The single currency’s launch coincided with the turn of the year 2002 – a moment of jubilation for many city inhabitants, who celebrated in the streets with toasts of bubbly.
However, the following day’s mood was less celebratory. In German eateries, menus remained largely unchanged, with one notable difference. “The breaded schnitzel with potato salad consistently cost ‘13’ – the menu price remained static,” notes the Munich publication. “But patrons quickly observed that the familiar ‘DM’ abbreviation for Deutsche Mark was obscured by a small sticker, hastily marked with a pen as ‘€’”. Due to the exchange rate, prices nearly doubled overnight. Similar price hikes affected hair salons and hotels. Public opinion soured on the euro.
“In reality, prices decreased in 2002, and by the
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Origin
Established in 1945, the “Southern German Journal” stands as a leading national daily newspaper. Leaning liberal, it staunchly defends democratic principles and the legal framework. It boasts a distinguished roster of past and present staff
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