News / EU

Netherlands parliament to decide to keep or ditch euro

Sunday, 26 February 2017 5:29 PM [ Last Update: Sunday, 26 February 2017 5:29 PM ]

The file photo shows a euro banknote.

Lawmakers at the Netherlands parliament have unanimously approved a motion calling for a probe into whether it will be possible for the Dutch to further remain in the Eurozone or to abandon the single currency.

The proposal was tabled by Pieter Omtzigt from the main opposition party, the Christian Democrats, on Thursday, and it will instruct the Council of State, a constitutionally established advisory body to the Dutch Government and States General, the parliament, to launch the investigation.

According to legislator Omtzigt, the probe will be aimed to look at “what political and institutional options are open for the euro,” and “what are the advantages and disadvantages of each.”

The motion was put forward over concerns that the European Central Bank (ESB)’s extremely low interest rates are hurting Dutch savers, and it has been proposed amid a growing tide of euroscepticism on the continent.

The main building of the Dutch Council of State at Kneuterdijk, The Hague.

The fate of euro in the northwestern European country is expected to be debated comprehensively in the States General in several months after the mid-March parliamentary election is held, when the composition of the parliament is altered dramatically.

It is quite probable that a new centrist coalition, including parties such as that of Omtzigt, gains majority in the parliament.

“The problems with the euro have not been solved. This is a way for us to look at ways forward with no taboos,” Omtzigt said.

Though the Christian Democrats is an outspoken critic of the current ECB policy of ultra-low interest rating, most Dutch voters favor keeping the euro as their single currency.

It seems that the parliament has a bumpy road ahead of it to determine the future of euro in the country.

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