BoE official: Eurozone may not survive

24 November 2011

There is a distinct possibility that a member state may have to leave the eurozone as the financial crisis in the region continues to rumble on.

That is the opinion of David Miles, member of the Bank of England's Monetary Policy Committee (MPC), who has indicated the future remains uncertain for many countries as they struggle to shake off the impact of this issue.

Speaking during an interview with ITV News, Mr Miles admitted it cannot be predicted whether or not the eurozone will survive in its current form - a fact that is causing the MPC to be cautious with its fiscal policy.

"I don't think any of us can feel confident one way or another about whether all the countries that are currently in the eurozone will still be in it," he noted.

Recently, Robert Jenkins of the Bank of England called on the country's banks to focus on taking action towards resolving their financial problems rather than lobbying against regulatory changes.

By Asim Shah

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