Commenting on President Macron warning of the EU collapsing unless it embraces financial solidarity

Commenting on President Macron warning of the EU collapsing unless it embraces financial solidarity, David Clark, chairman at the European Venues and Intermediaries Association (‘EVIA’), said: “The French President’s comments reflect different approaches to EU wide financial and budget management rather than the political unity that created the Union in the first place. It is clear that the countries that make up the EU, and especially the Eurozone, do not all have the same creditworthiness, but this is also true of the US. It is right to assert that there should be federal capital raising capacity but we need to find a way for both state and EU funding to operate alongside each other in markets under strict budgetary rules.

“In the highly unlikely event that the EU unravels, the first step regardless would be the reintroduction of legacy currencies and this would be more disruptive than any of the present issues.”