BUSINESS

Greeks have gained, not lost out, from euro membership

TAGS: Economy

Despite the decade-long financial crisis in Greece, each Greek citizens has benefited from the use of the euro to the tune of 190 euros, and the benefits for the local economy and Greeks could be multiple in the coming years if Athens consistently implements the necessary reforms, according to a study by the Center for European Policy (CEP).

The study by the German think tank, which belongs to the Ordnungspolitik foundation, showed that the total benefit of Greece’s eurozone membership in the period from 2001 to 2017 added up to just 2 billion euros, a figure which would have been much higher were it not for the domestic crisis.

The CEP stressed in its report that for the balance to remain positive, Greece must take measures to enhance competitiveness and the investment climate, and noted the example of Spain, which shows that structural reforms can reverse the negative trend of income loss.

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