Eurozone crisis: Single currency is a 'disaster' which has left EU banks in a 'doom loop'

- EXPRESS - Jan 11, 2021 -

CIARAN MCGRATH -

Angela Merkel and Ursula von der Leyen are facing difficulties with the eurozone, Prof Blake said (Image: GETTY)

EU banks have been left in a "death loop" as a result of the introduction of the euro, the bloc's currency, an economist has claimed.

EU banks have been left in a ‘death loop’ as a result of the introduction of the euro, the bloc’s currency, an economist has claimed. Professor David Blake said the current situation also means Germany is owed more than £950billion it can never recover, and Italy and Spain each owing hundreds of billions which they can never repay.

Prof Blake, Professor of Economics at City, University of London, who believes there are serious question marks over whether the euro will even survive in the long term, told Express.co.uk: “There was very little fanfare when it celebrated its 20th birthday a little over a year ago.

The euro has been a disaster since the start

Professor David Blake

“This should not be surprising, since it has been a disaster since the start.”

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https://www.express.co.uk/finance/city/1381887/eurozone-news-euro-germany-italy-spain-eu-brexit-news-target2-coronavirus