Euro Faces Another Setback as Dutch Lawmakers will debate on Future use of Currency

Euro Faces Another Setback as Dutch Lawmakers will debate on Future use of Currency

The Council of State in the Netherlands will investigate the possibilities of moving away from Euro after the elections in March. After growing Euroscepticism, the decision of Dutch lawmakers will be another blow to European Union and the single currency used by many countries in the bloc. European Central Bank has kept the interest rates at a record low and Dutch lawmakers are concerned about people not getting any returns on their savings due to low interest rates.

The decision on the issue will be taken after debate among lawmakers to be held following elections in March. Political experts suggest that majority of voters in the Netherlands support Euro. Economists in the Netherlands have also questioned bond-buying program of ECB.

As far-right parties are getting higher support in many countries in Europe, Eurosceptic far-right party of Geert Wilders is expecting to gain in the upcoming elections. However, his party won’t have enough of support from voters to form government.

Pieter Omtzigt, from opposition Christian Democrats, tabled the motion for investigation by the government’s legal advisor. Lawmaker Omtzigt said, “The problems with the euro have not been solved. This is a way for us to look at ways forward with no taboos.”

Swiss Central Bank’s decision to change ceiling rules was an important one among the recent decisions taken regarding currency valuations in Europe. Swiss National Bank abandoned the ceiling on 15 January 2015 and this led to 30 percent jump in Swiss currency in January 2015. The difference between Euro and Swiss Franc has reduced in the recent quarters.

European Union leadership will have to take decisions by considering interest of all the member states and considering the fragile relations between member states at the moment, the need for cooperation at political and economic level has increased in the recent quarters.

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