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Bowles: Euro may be dead by Christmas

Friday 2 December 2011 - by

Leading MEP Sharon Bowles says Europe is potentially facing the demise of the single currency by Christmas.

The chair of the European Parliament's economic and monetary affairs committee warned that a break up of the euro will lead to "rampant protectionism" and urged leaders to work to save the European Union.

Speaking to a mortgage industry conference in London on Thursday, Bowles said: "We are potentially facing the demise of the euro by Christmas and if that happens it will wreck our economy.

"Contrary to what the eurosceptics say, the issue now is not whether the UK remains in the EU but how we contain the eurozone crisis.

"If the euro breaks up, I think there will be rampant protectionism. Even if you get a smaller euro with just the AAA countries huddling together they will still go down the track of protectionism.

"If the Euro breaks up then countries, including the UK, should work to save the EU, so that we continue to benefit from the single market and avoid a situation of every man for himself.

"We need something concrete and substantial next week from leaders. Promises and packing up for Christmas holidays will not do."

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2011-12-02 15:57:40 | Anonymous
The sooner the euro is dead the better,it will not be easy, but if we do not sort out the euro mess now we will have to at some time in the future. Let us get back to being good neighbours, free movement of trade yes, but not uncontrolled borders.Make very sure that banks lending is properley controlled so that these fools do not get us into this mess again.Nation states first & last.