Euro a Burning Building With No Exits, Hague Tells Spectator
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U.K. Foreign Secretary William Hague said his 1998 comment that the euro area was “a burning building with no exits” has been proved right and that member countries will have to live with the consequences for decades.
Hague first described the euro in those terms when he was leading the Conservative Party in opposition and Prime Minister Tony Blair favored joining the single currency. In a 1998 speech in Fontainebleau, near Paris, Hague warned that the single currency could damage the stability of Europe by tying together economies that were too different.