France Chaos Becoming A Threat To The Entire European Union

France, the second-largest economy and second most populous nation of the European Single Currency Group (Eurozone) has become a shambolic centre of civil unrest and is close to being a failed state: French social and economic problems are so profound they now pose a threat to the whole European Union as the chaos looks likely to spill over into other member states where public anger over economic stagnation, high unemployment, unsustainable levels of immigration and E U authoritarianism have been simmering for months. Especially at risk is Germany, according to an analysis of economic correspondents of the German daily Die Welt.

 In the follow up to the ongoing labor law disputes in France, which led to violent street protests and a massive strike by the country’s railroad workers, Die Welt’s economic experts, Holger Zschaepitz and Anja Ettel have given five reasons to be worried about the country’s future.

“While everybody is talking about  Brexit, the referendum on the United Kingdom’s continued membership of the European Union  mainstream media is studiously ignoring the mounting problems in other nations which threaten the common goal of a powerful Europe,” the authors write in their article for Die Welt.

They mention the rise of nationalist parties in many European nations as voters have become aware that the EU obsession with 'ever closer union' will mean the end of their nations' independence. Demands for a French referendum are gaining support and a ‘Frexit Index’ — a rating of the chance of France crashing out of the Euro within the next year, is looking increasingly credible.
 

Recent polls suggest that 74 percent of the French expect that the Marine Le Pen, leader of the Front National party and front runner in opinion polls on who will win next year's Presidential election will reach the decisive second round of the presidential elections.
One of the major concerns about France’s relationship with the Euro is the inability of their government to devalue their currency to help balance trade and “nourish” the economy. This is due to Germany having bullied other members of the single currency into tying their weaker economies to Germany's idustrial power house

According to economic analysts, in order to adjust its currency to the economic strength of the country, France needs to devalue their currency by at least ten per cent — impossible within the straitjacket of the Euro — and to restructure their labor market, which is also impossible due to EU labour laws which supersede any local laws.

Otherwise the country only has at its disposal debt-financed economic stimulus packagesand that approach has failed over the past eight years and could never be a long term solution (ask any educated person in Greece).

Until the financial crisis, debts grew synchronously in both France and Germany. Since then however, Germany has taken a curve and is now heading for a debt ratio of below 70 percent. Meanwhile, France does not have any control of its growing debt because France's Euro is linked to Germany's economy, and the debt will soon reach 100 percent of economic output.

In other words, all the French people will have to work without pay for the whole year only to pay off the debt of their country.

Surprisingly, France’s struggle with its debt comes at a time when the rate of interest charged by the European Central Bank (ECB) has never been lower. Which means things can only get worse

The socialist government is attempting to introduce legislation to end France’s traditional 35 hour working week. It is these reforms which have triggered the wave of protests and industrial action across France, bringing the nation’s rail network to a standstill while motorists suffer petrol shortages, and police come under attack from rioters. Despite the disruption, some 46 per cent of French citizens polled still support the strike action.

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