A new report released by the European Central Bank (ECB) shows that the introduction of the euro did not improve the standard of living in European countries or reduce the gap between rich and poor EU countries, in some cases actually worsening countries' economic situation, Polish newspaper Rzeczpospolita reported on Monday.
Adopting the euro did not improve the economic situation in southern Europe, instead either making them stay in the same place as they were in the case of Spain and Portugal, or becoming worse off as in the case of Greece. In addition, the "illusion of perpetual growth" as a result of a boom in consumption led poorer countries to not save money in good times, which resulted in a high debt when the crisis began.
"The economic convergence of eurozone countries began, but the 2008 crisis prevented it from happening," an expert from the Open Europe think tank told the newspaper.
The common currency also had no impact on the southern European countries' wealth, which may become a reason to refuse joining the Eurozone in the future, according to the article.