Those that predicted the fall of the Euro need to find another Tune – Hayes

Speaking at a joint British Irish Chamber of Commerce event “Reforming Together for Performing Together – The Global Competitive Game Plan for Ireland, the UK and Europe” in Dublin today, Fine Gael MEP Brian Hayes said that those that predicted the end of the Euro have got it spectacularly wrong

“During the last five years the Cassandras got it wrong time and time again regarding the fate of the Euro. None of the wild predictions regarding Euro exits, disintegration and collapse have come to pass. In fact the opposite has happened. The Eurozone system has been modified in order to make it more fit for purpose.”

“The Eurozone banking system continues to be overhauled to make banks safer. Between 2007 and 2015 seven countries joined the Euro area. The Euro went from a common currency of 12 to a common currency of 19. Despite ongoing differences with its EU partners, the recently elected Greek government and the vast majority of Greeks also wish to remain in the Eurozone.”

“The establishment of the Euro was part of a wider EU policy of integration. Despite the recent difficulties, the Eurozone continues to serve that purpose. The economic crisis has brought countries closer together. EU institutions have shown a capacity to respond and adjust to the greatest financial crisis since the Great Depression.”

“In the words of Jean Claude Trichet, former president of the ECB, the Euro has shown remarkable resilience and a capacity to survive in the face of challenges to its very existence. As economic recovery begins to take hold across the Eurozone, the Cassandras who predicted its demise will need to find another tune.”

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