An overwhelming majority of citizens in the big eurozone countries believe that the euro has damaged their national economies, highlighting the popular scepticism that still surrounds Europe's eight-year-old monetary union. More than two-thirds of the French, Italians and Spanish - and more than half of Germans - believe the single currency has had a "negative impact", according to an FT-Harris poll. In France, just 5 per cent said the euro has had a positive effect on the French economy. The results will disturb the European Central Bank, which has faced stiff criticism in recent weeks from both Sgolne Royal and Nicolas Sarkozy, the main candidates in April's French presidential elections, who accuse the central bank of hampering growth. The ECB regards its public credibility, and that of the euro, as essential to its battle against inflation, which it sees as the prerequisite for growth.
The survey also shows that most adults in the biggest European countries think migration has reduced wages and only a quarter have a positive view of the entry into the European Union this year of Bulgaria and Romania. However, eurozone citizens generally see wider benefits of the euro. More Germans, Italians and Spanish see a positive impact on the EU economy than a negative effect, according to the survey. That suggests they see others benefiting rather than themselves. The exceptions are the French, more of whom see a negative rather than positive impact. The results come at a time when eurozone growth prospects have brightened, thanks largely to a pick-up in Germany, the biggest of the region's 13 member countries. The ECB is expected next week to prepare financial markets for another interest rate increase in March.



