Single Currency Root Cause of Europe’s Economic Woes: MEP
TEHRAN (Tasnim) - An Italian member of the European Parliament said the breakup of eurozone appears to be a realistic option for ending the economic crisis that has plagued most of Europe, describing the inherent differences of the European states as the reason for failure of a single currency plan.
In an e-mail interview with the Tasnim News Agency, Marco Zanni said the EU economic crisis has one major reason, namely “euro, the European single currency”.
“Eurozone is not an optimal currency area and it will never be. Member states are too much different. For example we speak 24 different languages; we are not the USA and we will never be,” he wrote.
“So our proposal is to sitting all together around a table, programming the breakup of the Eurozone,” he noted.
Zanni also proposed that his country, Italy, should unilaterally exit the eurozone and press ahead with its own economic and monetary policies. “That’s the sole solution possible.”
In January, The Telegraph quoted Barclays as saying that formation of the left-wing Greek government has elevated the risks of a eurozone breakup to levels “significantly higher than at any point in 2012.”
2012 is widely viewed as the height of the eurozone crisis. A cocktail of political populism across the continent and the prospect of a deflationary spiral has now elevated the risks of a breakup even higher in 2015, according to the report.
