Otmar Issing was a towering figure at the Euro’s inception
by Ambrose Evans-Pritchard
The European Central Bank is becoming dangerously over-extended and the whole euro project is unworkable in its current form, the founding architect of monetary union has warned.
“One day, the house of cards will collapse,” said Professor Otmar Issing, the ECB’s first chief economist and a towering figure in the construction of the single currency.
Prof Issing said the euro has been betrayed by politics, lamenting that the experiment went wrong from the beginning and has since has degenerated into a fiscal free-for-all that once again masks the festering pathologies.