Mervyn King, the former governor of the Bank of England, predicts the collapse of the eurozone in a book published this week, going further than his well-known private scepticism for the European single currency.
In extracts from The end of alchemy: banking, the global economy and the future of money, he says the burden of debts between nations in the eurozone “may become too great to remain consistent with political stability”.
Highlighting the need for the eurozone to integrate more fully, including significant debt write-offs, he says the process will probably exceed the willingness of the European people to bailout other countries.
“Monetary union has created a conflict between a centralised elite on the one hand, and the forces of democracy at the national level on the other. This is extraordinarily dangerous,” the former governor says…….
Selliseid rääkijaid oleks pidanud siis rohkem olema, kui euro kasutusele võeti. Aga mis seegi aidanud oleks.
Siin sama teises lehes:
Lord King, who headed the bank for 10 years, said the EU’s single currency system is set to lurch from crisis to crisis for years ahead.
And he warned that the drive towards political union among the 19 euro-zone nations will not help save the project from eventual disintegration……