On January 1, 1999, the euro became the legal currency of France and 10 other European countries. 25 years later, the single currency remains supported by a majority of the population, according to our exclusive survey. But distrust is growing, against a backdrop of high inflation.
The birthday went almost unnoticed. However, it has been a quarter of a century since the euro became the legal currency of France. 25 years, therefore, since it replaced the French franc (at the same time as the German mark, the Italian lira or even the Spanish peseta) on the exchange market. 25 years, also, since the parity between the franc and the euro was fixed, precisely, 6.55957 francs for one euro.
In 2022, MoneyVox devoted a complete file to the 20th anniversary of the putting into circulation of euro coins and notes, which took place on January 1, 2002. On the occasion of this new anniversary, and a few months of the European elections ( scheduled for next Sunday, June 9), we asked our partner, YouGov Franceto re-examine your opinions on the single currency (1).
Majority support, but growing distrust
The euro is not just the currency we use on a daily basis. It is also a symbol, that of the choice of around twenty European countries to link their economic destiny. A choice that the majority of the population continues to support. 49% of those questioned would oppose the abolition of the euroand 51% on the return of the franc.
However, distrust of the euro tends to grow. In 2021, 29% of surveys expressed their desire to leave the euro. Today they are 34%. Even observation on the return of the franc: 33% are in favor today, compared to 31% two years ago.
MONEYVOX INFO. The euro is celebrating its 25th anniversary and one in two French people continues to convert into francs!
Euro = inflation, the idea dies
How can we understand this distrust of the euro? The reasons, obviously, are multiple. It seems to be anchored, in particular, in an idea that has a hard life: the introduction of the euro has hike prices And reduce the purchasing power of the French.
25 years later, this view remains vast majority: 79% of those questioned subscribe to it, a figure up slightly compared to 2022 (78%). The current context, that of inflation which has sometimes exceeded 6% in 2023, undoubtedly acts as an accelerator. The inhabitants of the euro zone forgetting that the phenomenon, in the process of normalization, is global and that it has hit the United States and the United Kingdom even harder.
Among the categories of the population most convinced by this idea, we find in particular 35-44 year olds (84%), 45-54 year olds (83%), people who do not have a baccalaureate (86%) and rural people. (87%). The same people who most widely call for the abolition of the euro and the return of the franc: a correlation which undoubtedly owes nothing to chance. Withdrawals stand out: 86% of them think that the euro has reduced their purchasing power, but only 29% of them would take the risk of leaving the single currency.
Has the euro really reduced your purchasing power?
(1) Survey by YouGov France for MoneyVox, among 1011 people representative of the French national population aged 18 and over. The survey was carried out online, on the YouGov France proprietary panel, from January 11 to 12, 2024.