The CEO of Crossborder Capital Michael Howell issued a death knell to the single currency in particular, saying that it “won’t work” as you can’t “straightjacket a region into one currency zone”. The economic guru explained on CNBC on Wednesday: “The fact is it’s an unstable economic region where you’ve got a currency which is mis-priced for most of the other countries apart from Germany. The fact is you can’t straightjacket a region into one currency zone and we’ve seen that.
“Look around the UK, the US – you always get regions which are poor and regions that are rich.
“That’s happening in Europe as a single currency in the same way but you have no fiscal transfer mechanisms that work that can effectively shift that wealth burden.
“My view is the European project is completely unsustainable – it won’t work.
“If you look at what’s happening in Germany – that’s the key thing to watch, Germany is the dynamic economy in Europe – where are the Germans putting their money?
“The answer is they’re putting some of the money into the UK and the other area is eastern Europe, but beyond the boundaries of the current EU: Ukraine, Russia and eastern states.
“That’s the way that the world is moving.
“The EU is moving more and more and more eastwards.”
The European crisis develops as Brexit continues to drive a knife through the Tory party as a leadership contest looms.
Jeremy Hunt, running on the slogan Unite To Win, has shared a new video and website for his campaign to become Conservative Party leader.
The video, which was uploaded to Twitter on Wednesday, focused on why he thought his previous work running a publishing business qualified him for the job of prime minister.
The Foreign Secretary argued it had given him the qualities of ‘leadership, negotiating skills, and confidence’, all of which he felt were needed to lead the country through Brexit.
Mr Hunt also took aim at Labour leader Jeremy Corbyn, saying: “We could be stuck in a paralysis that leads to a general election, and puts into Downing Street the most left-wing, the most dangerous leader of the Labour Party we’ve ever had in our lifetimes.”
Over stirring music, Mr Hunt said: “We can get a deal even before the end of October. Lots of people say it’s impossible.
“I like to prove people wrong.”
The Foreign Secretary said he would “bring our country together”, in stark contrast to the message of rival candidate Esther McVey who he said would sack every Remainer from the Cabinet.
The former Work and Pensions Secretary justified her plan by saying: “You now have to choose a side and the only fair thing to do is choose the side that won the referendum.”