‘Time to get rid of the euro!’ Frexit fury as EU currency power drops by 77% since 1999

GB News: France's 'deeply offensive' Brexit threat slammed

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The euro’s purchasing power has lost 77 percent since 1999 on real estate in Paris, according to a report by French daily Le Figaro. In a staunch attack on Brussels, the article was titled “The euro, a melting currency, no longer protects neither the consumer nor the saver”.

Sharing the news on Twitter, the Generation Frexit leader furiously called for France to leave the eurozone and ditch the bloc’s common currency.

He blasted: “Despite the euro’s disaster for the competitiveness of France and our industry, we were sold the euro with little inflation protect the saver and the consumer.

“Even that is no longer true.

“It’s time to get rid of the euro!”

Eurozone government bond yields edged lower at the start of a week in which the European Central Bank, the US Federal Reserve and the Bank of England are all due to meet and possibly signal a tightening of policy in the face of strong inflation.

But growing Omicron infections in Europe and the United States complicate matters and are likely to trigger some caution as policymakers either side of the Atlantic prepare to signal or hint at an end to pandemic-era measures.

The Fed is likely to lead the pack with a tapering of bond purchases earlier than previously expected, while the ECB could provide more detail on how it will unwind its pandemic emergency purchase programme (PEPP), due to end in March.

A Reuters poll of ECB-watchers believe the ECB will halve the amount of assets it buys each month from April.

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ING economist Carsten Brzeski said: “The current fourth wave of the pandemic and the new Omicron variant will add further downward pressure to the eurozone economy.

“At the same time, headline inflation has continued to accelerate.”

Suggesting the ECB has a difficult balance to strike, he thought it unlikely that PEPP will get an extension, given comments by ECB chief Christine Lagarde and others.

A postponement of the decision until February is possible, he added.

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Germany’s 10-year government bond yield, the benchmark for the bloc, was down a basis point at -0.36 percent on Monday morning, heading towards last week’s 3-1/2-month low of -0.406 percent.

Other high-grade eurozone government bond yields were also marginally down on the day.

Investors have retreated in droves to the safety of government bonds since news of the Omicron variant emerged, pushing yields to their lowest levels in months.

German borrowing costs are now a good 25 basis points (bps) below their October highs.

The Bank of England was expected to raise rates later this week, though this is in doubt given a surge of Omicron variant cases in the UK.

Interest rate hikes are in store for a raft of central banks in emerging markets from Russia to Mexico.

US inflation data on Friday helped keep yields at these slightly higher levels, coming in at 6.8 percent, the biggest year-on-year rise since June 1982.

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