One of the world’s leading economists will today admit he was wrong to back the creation of the euro – and call for it to be dismantled.
Sir Christopher Pissarides, who won the Nobel Prize for economics in 2010, was once a passionate believer in the benefits of the single currency.
But in an extraordinary change of heart, today he will warn the euro is creating a ‘lost generation’ of unemployed youngsters and is ‘dividing Europe’.
The Cypriot-British economist will call for action to ‘restore the euro’s credibility in international markets’ and to ‘restore the trust that Europe’s nations once had in each other’.
And restoring that credibility means:
He will say that unless there is a dramatic change of policy the euro should be broken up.
‘The euro should either be dismantled in an orderly way or the leading members should do the necessary as fast as possible to make it growth and employment-friendly,’ he will say.
It was a complete cocknob of an idea in the first place of course. And it’s also now an obviously failed experiment.
Get rid of it.