Ever since the launch of the Euro, many have predicted that it would all end in tears. This story seems to support that thesis. France is in pain.
The monthly trade deficit ballooned to $2.7bn, following two months of sliding industrial orders and a shock halt to economic growth in the third quarter. Car output is down 14pc so far this year.This is a country that not so long ago, had a trade surplus and the cause of this change is only too clear.
The euro has risen 11pc against the US dollar and most Asian currencies this year, and 20pc against the Japanese yen.Not that France is the worst off you realise.
Italy has lost 40pc in competitiveness against Germany since the exchange rates were fixed ten years ago, while France last lost over 20pc - yet they still have to compete in the same currency zone.and now the clincher......
Philippe de Villiers, leader of the eurosceptic MPF movement, said he was launching a referendum drive for a return to the franc. "The euro is a failure. It's weakening our industry and our exports to the point where Airbus is preparing to build plant directly in the United States and China," he said. "As we saw with the Czech and Slovak currency split, leaving the euro is technically quite simple. We could do it in eight days," he said.How long before such opinion becomes mainstream.