The architect behind the creation of the euro has warned that the currency is on the road to collapse.
- First chief economist at the European Central Bank voices his concerns
- He says the system is in desperate need of a change to survive into future
- German economist said that one days ‘the house of cards will collapse’
Professor Otmar Issing, the first chief economist at the European Central Bank (ECB), says the system is in desperate need of a change to survive.
Speaking to the financial journal Central Banking, the German economist said: ‘One day, the house of cards will collapse.’
Professor Issing said that the ECB itself had damaged the project.
In a remarkable criticism of the currency, he added: ‘Realistically, it will be a case of muddling through, struggling from one crisis from the next. It is difficult to forecast how long, but it cannot go on endlessly.’
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– bron: dailymail.co.uk