A DISASTER ZONE DOMINATED BY GERMANS: Ex-Bank chief King's verdict on euro project
Mervyn King warned 'one-size-fits-all currency' was doomed
He said Germany's rise to power created 'enormous tensions' in Europe
But refuses to take sides in referendum debate in interview with Daily Mail
In an exclusive interview with the Daily Mail, he warned the 'one-size-fits-all currency' was doomed. He said Germany's rise to power has created 'enormous tensions' across Europe.
Lord King, who steered the Bank through the 2008 financial crisis, refused to take sides in the referendum debate. But he said the launch of the euro had been an unmitigated disaster.
'The attempt to create a monetary union has been damaging economically, and it has been damaging politically,' he said. 'There are no good ways out of it. It's only a question of the least bad way'
The grim prognosis from the former central banker was seized on by Eurosceptics as evidence it is 'game over' for the eurozone. But Lord King saved his most explosive comments for Europe's biggest economy, saying Germany's dominance has been one of the more damaging consequences of the single currency project.
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