Nonsense. „Devaluating the national currency“ is a euphemism for extracting wealth from the citizens without them realizing getting poor. The stability criteria are there to protect you from a government destroying your money.
I don’t get why so many Europeans think the Euro is hurting them economically while in reality it was holding them back (especially in Greece and Italy, their national currency was practically worthless). However, it takes time for member state governments to get used to an independent central bank.
Best regards and hot kisses from Germany.
True. When Finland dropped 2 digits from its currency in the 60s the Finnish Mark and the German Mark where roughly 1:1. When the Euro was introduced 40 years later the exchange rate was 3:1. So 200% inflation over the years more than Germany which was far from stable either. So Finland was a high inflation country all the time.
I don't think high inflation countries are known for good economy. Finland for example had massive emigration. I don't think by having continued the high inflation route after 2000 the situation would be significantly brighter today.
The EMU is a mechanism effectively set up to extract wealth from the european periphery, for the benefit of Germany (and maybe to a lesser extent Framce). Finland is very much on the losing side, along with Greece, Portugal etc.
Perhaps with the difference that the culture is very protestant, with high trust in government. So rather than letting the situatiom deteriorate to what it was in southern Europe durkng the Euro crisis, the populace will flock to the stern faces speaking of deficits in the media, and dutifully vote them in.