THE UK’S BUSINESS Secretary, Vince Cable, made a stark warning at the weekend about the collapse of the euro.
The Telegraph reports that Cable said there was “no guarantee” that Europe would not experience war if the euro failed. He said that if the eurozone unravelled in a way that destroyed the “European project”, the consequences “would be absolutely incalcuable”.
He was speaking at an event at the Cheltenham Literary Festival titled Austerity, the euro and us, where he also said that the euro was “very valuable” to Britain.
According to the London Evening Standard, Cable said that the European project evolved to “rescue Europe from extreme nationalism and conflict” – and that there isn’t a guarantee that this won’t return.
Last week, the Nobel Committee awarded the 2012 Nobel Peace Prize to the European Union, in recognition of its success in achieving peace and reconciliation.