The eurozone will survive regardless of whether or not its financial troubles intensify in the near future, a senior banking official has stated.
According to Bob Diamond, chief executive officer (CEO) of Barclays, the region has a sufficiently strong foundation to make sure it is resilient to the problems currently engulfing member states such as Spain and Greece.
During an interview with Bloomberg, Mr Diamond stated: "The underpinnings of the single currency [and] the underpinnings of the integrated economy across Europe are very, very strong."
The Barclays CEO admitted that further risky times are inevitable over the course of the next few years as the eurozone moves towards "closer fiscal and political integration", but he insisted this will not lead to a collapse of the economic bloc.
Furthermore, Mr Diamond stated that the crisis will not result in Barclays having to reassess its profitability targets, which will remain at a goal of a 13 per cent return on equity.
By Claire Archer