Monday saw the common currency of the European Union come under fire and lose value, according to published reports.
In the aftermath of policy makers with the European Central Bank late last week opting to cut borrowing costs by 25 basis points and president Mario Draghi noting the bank is monitoring economic data and prepared to act, the euro prolonged its losses on Monday, Reuters reports.
But the 17-nation monetary unit also is being pinched by one of the key people who facilitated its establishment on on foreign exchange markets about 14 years ago
The Daily Mail reports Oskar LaFontaine, the former finance minister of Germany whose fierce advocacy for European unity was instrumental in establishing the euro, has revoked his support for the embattled monetary unit.
The former leader states on the website of the Left Party of Germany that each month sees further slippage of the dire economic situation cramping the region. Unemployment is rising and riveting challenges will manifest "against the German Hegemony," according to The Daily Mail.
The former official's rant is believed to be targeted toward German chancellor Angela Merkel, whom he predicted will "awake from her self-righteous slumber," the publication states.
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