There are so many problems in the E.U. that several countries are warming up to the idea that after the single currency, a deeper integration could also be created.
Sentiment: NEGATIVE
The only way to have several currencies from divergent nations lumped together is if they are culturally close, such as Germany, the Netherlands and Austria. If they aren't, it simply can't continue to work.
Ultimately, in the long run we need to immunise our system from being overly responsive to fluctuations in the exchange rate; that is, people should, by and large, be reasonably hedged, or they should borrow more in domestic currency rather than foreign currency.
The benefits from a world currency would be enormous.
Firstly, people take for granted that the E.U. has created the biggest economic space in the world.
Britain is not in the single currency, and we're not going to be. But we all need the eurozone to have the right governance and structures to secure a successful currency for the long term.
As for the single market, the E.U.'s landmark achievement, there is no question that a euro zone breakup would severely disrupt its operation in the short run.
The good news is that a competitive dollar in the global market and a strong dollar at home are compatible in both the long run and during the transition to a more competitive dollar.
There will be an electronic currency, and it will be universal, and we must accept that fact.
Virtual currency, where it's called a bitcoin vs. a U.S. dollar, that's going to be stopped. No government will ever support a virtual currency that goes around borders and doesn't have the same controls. It's not going to happen.
We've got to demonstrate why European unity and integration, our vast single market, our single currency, equip us with the strength to embrace globalization.