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Page last updated at 07:54 GMT, Wednesday, 14 September 2011 08:54 UK

Lawson calls for 'orderly dissolution' of euro

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The leaders of Germany, France and Greece will hold urgent talks later to discuss their response to the growing crisis in the eurozone.

The financial markets have been shaken in recent days by fears that Greece is about to default on its debts. The finance minister of Poland - which holds the EU presidency - has said that the EU could be destroyed by the eurozone crisis.

And the former Chancellor Lord Lawson said the whole concept of the eurozone had been incredibly ill-conceived and it should now be disbanded.

"The people who are responsible for promoting the eurozone venture in the first place ought to be ashamed of themselves," he told Today presenter Sarah Montague.

"They are the architects of the most irresponsible political initiative that I can recall. The disasters that are being faced now, which we can overcome and get through, just as the Latin American debt crisis when I was first chancellor, which everybody thought was the end of the world. We got over that, we don't even remember it now.

"We can get over that, but they got us into this, and we want to makes sure that their thinking changes radically."

EU Commission President Jose Manuel Barroso has revealed that it will soon present options for the introduction of euro area bonds but warned that this would not put an end to the crisis.

"I want to confirm that the Commission will soon present options for the introduction of eurobonds," Mr Barroso told the European Parliament.

"Some of these could be implemented within the terms of the current treaty, and others would require treaty change.

"But we must be honest: this will not bring an immediate solution for all the problems we face and it will come as an element of a comprehensive approach to further economic and political integration," he said.

Mr Barroso emphasised the need for deeper eurozone integration and said financial markets would only trust that the eurozone can resolve the debt crisis when it shows that it can deliver on its commitments.


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