Wednesday

23rd Jan 2019

Milton Friedman: EU to collapse within 10 years

The EU and its single currency euro will exist for some 5-10 years a than will just breakup, according to 86-year old Prof Milton Friedman, one of the leading libertarian economists.

As reasons for such an EU disintegration, the Nobel Laureate points to linguistic and cultural differences as well as external economic factors, the Izvestia reports.

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According to the US economist, giving up national monetary policy in eurozone countries leads to a higher unemployment rate as an immediate result of economic problems. Its is the "Achilles' heel" of the euro, Mr Friedman believes. If the monetary policy of the European Central Bank (ECB) is correct for a country like Ireland, for Germany it is absolutely not positive, he points out.

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