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.
Sentiment: NEGATIVE
I think as a business it would be amazing if the euro was to collapse, but financially and economically I think that would be a bit of a tsunami for everybody to cope with.
Those who claim that to leave the E.U. would damage the City are the very same as those who in the past confidently predicted, with a classic failure of understanding, that the City would be gravely damaged if the U.K. failed to adopt the euro as its currency.
We have the eurozone. Could we accept to be cleared, regulated, and de facto have inflows and outflows from a country that has decided to leave the E.U.? For me, definitely not.
If the E.U. allows itself to be priced out of the world economy, the next generation will not get jobs, living standards will decline, and the Union will lose the popular consent of the people of Europe.
What goes on in Europe concerns us greatly because, if Europe comes apart, the E.U. comes apart, then you're going to have enormous impact on America, that's a very big trading partner of ours, and people own securities around the world in this day and age.
If the euro becomes a factor promoting Europe's drifting apart, then the foundation of the European project is destroyed.
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.
Unraveling the euro is a terrible thing. This is a 50-year endeavor to get this continent together and that's a wonderful endeavor.
Taken slightly historically, the turning point in the E.U. was actually the Single European Act, the Thatcher/Maastricht-era stuff, which was turning the E.U. into very much a market system.
This is what the European Union is all about. A strong market with a strong currency.
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