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Euro at risk of collapse, says Treasury watchdog as economic crisis sweeps Continent

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Ruth Sunderland
UK Daily Mail
Dec 7, 2010

The Euro is at risk of collapse as economic crisis sweeps the continent, Britain’s independent Treasury watchdog warned last night.

‘General consensus’ is that currency unions ‘eventually fail’,  Professor Steve Nickell, a senior member of the Office for Budget Responsibility, told MPs on the powerful Treasury Select Committee.

And the OBR’s chairman, Robert Chote, added: ‘We are not assuming a cataclysmic outcome for the eurozone but, as Steve said, monetary arrangements come and monetary arrangements go.’

The admission by the leading economists came as eurozone finance ministers held an emergency meeting in Brussels to discuss possible measures to shore up the single currency.

Greece and Ireland have already been forced to accept bailouts – with Britain making its own £3.2billion direct loan to Ireland.

Warning: Professor Steve Nickell

There are fears Portugal and Spain may be next to go cap in hand for assistance from the EU and the International Monetary Fund.

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This article was posted: Tuesday, December 7, 2010 at 10:09 am





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