The eurozone's financial sector will “drown” in “self-defeating” regulation, which will eventually "destroy" the healthy banks, as the single-currency bloc breaks apart, says the boss of Denmark’s Saxo Bank.
By Rebecca Clancy: Lars Seier Christensen, chief executive of Saxo Bank, said it was clear that the eurozone would eventually break up as Brussels claimed even more power and used it “ever more poorly”.
The break-up of the 17-nation bloc could take shape in several forms, Mr Christensen said, including the weaker countries leaving, which he believes could be done for cheaper than the current and future bailouts.
Another option could be the evolution of a multi euro-currency zone, where countries with similar economic conditions grouped together, he suggested.
Perhaps the less likely, but still possible, would be that Germany leaves the single currency. The bank boss argued that as the bills begin to pile up for the eurozone's largest economy, this option would seem an attractive solution to the country’s citizens.