Germany Suffers Euro Headache That Will Hurt Europe, King Says
- Former BOE governor says euro's creators won't admit mistake
- Single currency seen to achieve opposite of what was intended
Mervyn King.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Germany’s membership in the euro zone has achieved the opposite of what its architects intended because the single currency has driven its constituent nations apart, former Bank of England Governor Mervyn King said.
“I worry that this is now going to be a battle between the political will of an elite that created this who daren’t now admit that it was a mistake, and economic arithmetic,” King said on the BBC’s “Andrew Marr Show” on Sunday. “We’re all going to suffer from that.”