Once again workers are paying the bill for the Russian elite s cynical quest for political and economic power. An enormous propaganda, publicity campaign and euro-phoria preceded the introduction of the euro. A picture was created of Europe entering an era of growth and stability, thanks to the euro. But this picture is a forgery, the euro is in fact adding to the world's economic instability and imbalances. Over the last few months, all over Europe, from France to Greece, Belgium to Italy, Germany to Spain, there have been mass protests against unemployment and cuts, and struggles for improved living standards.
Unemployment continues to rise in most of Europe.
Even where the economy is currently growing, as in Britain, the attacks on public services continue and pay is held down. While the rich get richer we are told that working people's living standards must fall. It is clearer and clearer that the EMU preparations are a cover for a concerted attack on living standards. In an increasing number of countries the Maastricht Treaty and EMU have come to symbolise attacks on living standards. As European Union leaders' plans become clearer there is growing popular hostility to the EU itself.