Germany and France are in crisis — is the next global financial crash brewing?

With the crisis that affected Ireland, Greece and Portugal 15 years ago now having worked its way to the core of the single currency zone, the red flags are flying

Design flaws in the euro were obvious from the outset: it was a one-size-fits-all approach for countries that had different needs, and it was based on the neoliberal principles that low inflation and balanced budgets would deliver stronger growth. Picture: AP/Bernd Kammerer

In Germany and France, support is growing for parties of the hard right and the hard left, and it is not difficult to see why. 

A crisis that affected countries on the periphery of the 20-nation eurozone 15 years ago — Greece, Portugal and Ireland — has now worked its way to the core of the single currency zone.