Cryptocurrencies and Europe's Economic Growth

[SneakyLady]

Europe's growth is stagnating because Italy is a dead weight.

https://www.bbc.com/news/business-46028714

"Economic growth in the 19 countries using the euro currency slowed by more than expected in the third quarter of the year, official figures indicate.

The bloc was not helped by the performance of Italy's economy, which registered no growth at all during the third quarter."

If countries issued their own cryptocurrencies and citizens functioned exclusively with its use, do you think this be a good thing for Europe's development?

Each country would have to carry its own weight, and one country's progress would not be hindered by another's bad economy.

[BrewMaster]

If countries issued their own cryptocurrencies and citizens functioned exclusively with its use, do you think this be a good thing for Europe's development?

a country should never try to "print money" more than it should or more than usual just because they want to get out of a bad economical situation.
in this case, creating their own cryptocurrency is exactly "printing money" and that is more harmful to economy of that country than it can do any good. specially if it is done in order to bailout!

[davis196]

Europe's growth is stagnating because Italy is a dead weight.

https://www.bbc.com/news/business-46028714

"Economic growth in the 19 countries using the euro currency slowed by more than expected in the third quarter of the year, official figures indicate.

The bloc was not helped by the performance of Italy's economy, which registered no growth at all during the third quarter."

If countries issued their own cryptocurrencies and citizens functioned exclusively with its use, do you think this be a good thing for Europe's development?

Each country would have to carry its own weight, and one country's progress would not be hindered by another's bad economy.

I think that the euro is a big failure as fiat currency(perhaps a bigger failure,compared with the US dollar),but the cryptocurrencies can't be the solution for the EU problems.
Italy will have to cut it's government expenses and reduce it's budget deficit.This has nothing to do with the crypto world.

[Kemarit]

If countries issued their own cryptocurrencies and citizens functioned exclusively with its use, do you think this be a good thing for Europe's development?

a country should never try to "print money" more than it should or more than usual just because they want to get out of a bad economical situation.
in this case, creating their own cryptocurrency is exactly "printing money" and that is more harmful to economy of that country than it can do any good. specially if it is done in order to bailout!

Exactly, creating crypto is not a way to bailout a sinking country. It might help just a little but in the long run it may do more damage. Just look at how Venezuela government did. They made their own crypto in hopes that it will help them stimulate the financial woes they're in right now. But lo and behold the country's economy is literally sinking like every minute so its not the solution. Citizens can only functioned if and if they used their crypto as purchasing power why not? but then again, how many of them know about crypto? less than 10%? how do you think it will help and revived their economy?

[arbifahrozy]

in my opinion the development in the economy in Europe is of course due to several things. with the existence of the country that will issue the coin, it indicates that the European countries try with crypto can help the country's economy.

[dothebeats]

This is quite a situation for Italy. I have once read an article in which the author stated that the banks--not the government--could give people money on their accounts in order to promote spending and economic growth (I believe it was one of Adair Turner's lecture if I'm not mistaken.) Surely this would not be favored by many due to inflation, but without any increase in spending and income, there will also be no growth in the economy. If everyone has the means to buy and everyone uses money, it would greatly stimulate the economy and promote some form of growth. While it may not be cryptocurrencies role to alleviate the problem in a country's economy (see Venezuela), it can still help promote people to spend, but fiat money would still be the most ideal currency to use in this kind of situation.

The answer is very ideal for countries with failing economy but that is if people really spend and not hoard their money elsewhere. If not, this would turn into an even greater weight for an already sinking ship.

[andrei56]

Europe's growth is stagnating because Italy is a dead weight.

https://www.bbc.com/news/business-46028714

"Economic growth in the 19 countries using the euro currency slowed by more than expected in the third quarter of the year, official figures indicate.

The bloc was not helped by the performance of Italy's economy, which registered no growth at all during the third quarter."

If countries issued their own cryptocurrencies and citizens functioned exclusively with its use, do you think this be a good thing for Europe's development?

Each country would have to carry its own weight, and one country's progress would not be hindered by another's bad economy.

If a country tried to do that then why remain as part of the countries using the euro? From the beginning there were many opponents to the economic and political integration forced by the eurozone and they predicted something like this would happen, the supporters dismissed their concerns and now we are seeing the results, so sooner or later the eurozone will fall because of this.

[exstasie]

"Economic growth in the 19 countries using the euro currency slowed by more than expected in the third quarter of the year, official figures indicate.

The bloc was not helped by the performance of Italy's economy, which registered no growth at all during the third quarter."

If countries issued their own cryptocurrencies and citizens functioned exclusively with its use, do you think this be a good thing for Europe's development?

Each country would have to carry its own weight, and one country's progress would not be hindered by another's bad economy.

That's just the traditional system of national fiat currency. It's what existed before the Euro. There's no need to introduce cryptocurrencies for that, unless governments want to do so for surveillance purposes. State-issued crypto is a dangerous proposition for governments though, because it might encourage adoption of decentralized and permissionless crypto.

[LeGaulois]

The economy in the EU  has nothing special currently. Most of the European countries are in a hibernating mode waiting to see how the Brexit will go. The same old banks in agony, there is a real fear in Italy with the oldest bank there. We don't hear a lot of positives in the EU. We just finished paying Greece for its crisis years back.

[carter34]

a country should never try to "print money" more than it should or more than usual just because they want to get out of a bad economical situation.
in this case, creating their own cryptocurrency is exactly "printing money" and that is more harmful to economy of that country than it can do any good. specially if it is done in order to bailout!

Such measure is one way that countries try to bring back their economic wores. So how do they avoid it when that is the last hope. I know certainly that printing of currency leads to devaluation of the home currency but at same time, it can savage the situation at the moment.

[stompix]

a country should never try to "print money" more than it should or more than usual just because they want to get out of a bad economical situation.
in this case, creating their own cryptocurrency is exactly "printing money" and that is more harmful to economy of that country than it can do any good. specially if it is done in order to bailout!

Such measure is one way that countries try to bring back their economic wores. So how do they avoid it when that is the last hope. I know certainly that printing of currency leads to devaluation of the home currency but at same time, it can savage the situation at the moment.

It does not salvage anything. Printing money leads to a one-way road, inflation, bigger inflation, even bigger inflation, final stop Venezuela.

I'm always amazed how people here would recommend that countries in the EU would return to their own currency, be it Italy and Greece while the same time cheering how bitcoin has a fixed amount of coins and countries should embrace a currency that leaves no room for inflation. If Italy or Greece would go full crypto right now they would be in an even worse situation than with the current Euro, which while still being fiat it's at least far more stable than what their normal currency would be.

I'm always amazed at those 180 degrees changes in opinion people here go through..

The economy in the EU  has nothing special currently. Most of the European countries are in a hibernating mode waiting to see how the Brexit will go. The same old banks in agony, there is a real fear in Italy with the oldest bank there. We don't hear a lot of positives in the EU. We just finished paying Greece for its crisis years back.

Nothing positive but at least there are little to none stories about whole countries collapsing, remember 2011-2013 when everybody was only PIGS, PIGS!!! , like we were playing Angry Birds ?? 

[shield132]

Europe's growth is stagnating because Italy is a dead weight.

https://www.bbc.com/news/business-46028714

"Economic growth in the 19 countries using the euro currency slowed by more than expected in the third quarter of the year, official figures indicate.

The bloc was not helped by the performance of Italy's economy, which registered no growth at all during the third quarter."

If countries issued their own cryptocurrencies and citizens functioned exclusively with its use, do you think this be a good thing for Europe's development?

Each country would have to carry its own weight, and one country's progress would not be hindered by another's bad economy.

I think that the euro is a big failure as fiat currency(perhaps a bigger failure,compared with the US dollar),but the cryptocurrencies can't be the solution for the EU problems.
Italy will have to cut it's government expenses and reduce it's budget deficit.This has nothing to do with the crypto world.

Can you tell me why are EURO and USD big failures? Does america has bad economy? I think they are leading, many country depends on usd, so for usa, it's not failure. I'll tell you whatvis the biggest failure, it's when small countries own their national currency and when usd/euro rises, blame to others. Btw on another hand what would you say on GBP? Is it failure? Highly doubt anyone has to say yes, Great Britain was always strong and they did a great choice when they left EU.
Oh, cryptocurrency can't fix anythinf and as user above me posted, it's like printing more and more money which can only worsen situation in near future.

[sawree6]

Nothing will change if countries issue their own cryptocurrencies instead of fiats. The amount of crypto would be controlled by and depended on the government disposal, like fiat money is now. Printing more money is actually another step towards inflation. Cryptocurrency can’t help to solve the EU problems. 

[wahyu wida]

Nothing will change if countries issue their own cryptocurrencies instead of fiats. The amount of crypto would be controlled by and depended on the government disposal, like fiat money is now. Printing more money is actually another step towards inflation. Cryptocurrency can’t help to solve the EU problems. 

of course they do not want to lose full control of the current decentralized system, because according to them this is dangerous for economic development in the country

[ajaymukund]

Europe's growth is stagnating because Italy is a dead weight.

https://www.bbc.com/news/business-46028714

"Economic growth in the 19 countries using the euro currency slowed by more than expected in the third quarter of the year, official figures indicate.

The bloc was not helped by the performance of Italy's economy, which registered no growth at all during the third quarter."

If countries issued their own cryptocurrencies and citizens functioned exclusively with its use, do you think this be a good thing for Europe's development?

Each country would have to carry its own weight, and one country's progress would not be hindered by another's bad economy.

I do not think electronic money can affect their economy much. Because Crypto is only a money transfer tool. If you create a stable altcoin, it will be influenced by some manipulative organizations in this market. So I think changing government policies and investing in a new industry will be better for Italy.