Euro doomed from start, says Jacques Delors

[Stoatwobbler]

http://www.telegraph.co.uk/finance/financialcrisis/8932647/Euro-doomed-from-start-says-Jacques-Delors.html

 

 

In an interview with The Daily Telegraph, Jacques Delors, the former president of the European Commission, claims that errors made when the euro was created had effectively doomed the single currency to the current debt crisis. He also accuses today’s leaders of doing “too little, too late,” to support the single currency.

 

The 86-year-old Frenchman’s intervention comes the day after France and Germany took another step towards the creation of a full “fiscal union”within the European Union and David Cameron insisted that Britain must remain a major player in Europe. Mr Delors, who led the commission from 1985 to 1995, played a central role in the process that led to the creation of the euro in 1999. In his first British newspaper interview for almost a decade, he says that the debt crisis reflects a threat to Europe’s global role and even basic Western democratic values.

 

Mr Delors claims that the current crisis stems from “a fault in execution” by the political leaders who oversaw the euro in its early days. Leaders chose to turn a blind eye to the fundamental weaknesses and imbalances of member states’ economies, he says.

 

“The finance ministers did not want to see anything disagreeable which they would be forced to deal with,” he says.

[Depends]

The European Union should be cut back from 27 members to 16 members. The poorer countries should not be allowed in it. They can form their own union.

[Mecky]

Jacques Delors says? Well, bugger me, it must be true then. Anyone with an ounce of commonsense knew the Euro was bound to fail.

[Stoatwobbler]

Anyone with an ounce of commonsense knew the Euro was bound to fail.

 

Hmm, I don't recall Jacques Delors saying anything like this when they introduced the Euro.