The euro project was flawed from the start and the current generation of European leaders has failed to address its fundamental problems, Jacques Delors, the architect of the single currency, declares today.
Jacques Delors sees the euro crisis as part of a deeper problem within Europe
In an interview with The Daily Telegraph, Jacques Delors, the former president of the European Commission, claims that errors made when the euro was created had effectively doomed the single currency to the current debt crisis. He also accuses today’s leaders of doing “too little, too late,†to support the single currency.
The 86-year-old Frenchman’s intervention comes the day after France and Germany took another step towards the creation of a full “fiscal union†within the European Union and David Cameron insisted that Britain must remain a major player in Europe. Mr Delors, who led the commission from 1985 to 1995, played a central role in the process that led to the creation of the euro in 1999. In his first British newspaper interview for almost a decade, he says that the debt crisis reflects a threat to Europe’s global role and even basic Western democratic values.
Mr Delors claims that the current crisis stems from “a fault in execution†by the political leaders who oversaw the euro in its early days. Leaders chose to turn a blind eye to the fundamental weaknesses and imbalances of member states’ economies, he says.
“The finance ministers did not want to see anything disagreeable which they would be forced to deal with,†he says.
