[Osem]

The eurozone must break up if its members are to thrive again, according to a former European Central Bank official.

Jürgen Stark, who served on the ECB’s executive board during the financial crisis, said it was time to “think the unthinkable” and work towards a “reset” of Europe that pulled power away from Brussels.

The former vice-president of Germany’s Bundesbank said the creation of a two-speed eurozone, with France and Germany at its core, would help to ensure the smaller bloc’s survival.

We have had divergence rather than convergence in the eurozone from the very beginning.

“We have to think the unthinkable. And it is already unthinkable to think about the restart of Europe, which means we have to be creative.

But in order to be creative, you have to destruct [sic] something.”

Mr Stark said countries such as Italy, which has seen its economy stagnate since the crisis, would be better off outside the single currency area.

http://www.telegraph.co.uk/business/...-warns-former/