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The French want to keep the euro

Published on January 02, 2023 by Pierre Belhache - 3 mins reading time
Individuals

The European Commission's latest Eurobarometer survey shows that French support for the euro remains very strong. Indeed, 71% believe it to be a good thing for the country.

Strong support for the euro

Like Europeans (77%), 81% of French respondents to the European Commission's Eurobarometer survey, published in December 2022, believe that the euro is a good thing for the European Union (EU). 69% of Europeans and 71% of French people also consider it a good thing for their own country.

Eurobarometer: strong European support for the euro

European and French support is particularly strong for the €750 billion stimulus package deployed to support member states. Called Next Generation EU, it was created to rebuild the economy after the Covid-19 pandemic. Its centerpiece is the €672 billion Recovery and Resilience Facility (RRF). The remainder of the budget is earmarked for European programs deemed useful for investment: €47.5 billion for React-EU, €10 billion for the Just Transition Fund, €5 billion for Horizon Europe. According to the survey results, 75% of Europeans and 80% of French people approve of this temporary stimulus instrument.

Regarding the SURE (Support to mitigate Unemployment Risks in an Emergency) fund launched by the Commission in 2020, the majority of those questioned felt that it was "right" to provide EU loans to help member countries support employment in the months following the outbreak of the virus.

Finally, the survey reveals the opinions of Europeans and French people on issues relating to euro bills and coins. 64% of the Europeans and 61% of the French polled were in favor of doing away with the 1 and 2 cent coins, which they consider difficult to handle. Absolute majorities were recorded in all euro zone countries.

A stable value in a crisis

The French seem confident in the euro's ability to maintain a stable value even during crises. This year, the euro mainly fell against the dollar, dropping -6.6% and pushing up the prices of certain imported goods. However, 40% of French imports escaped this inflationary effect, as they were paid for in euros. Similarly, imports from Switzerland, Turkey and Japan did not suffer from the greenback's domination. In a way, then, the euro has made it easier to combat imported inflation.

Thus, in the current context of crisis and inflation, the French are attached to the European currency, which was not the case 10 years ago.