Euro Collapse Could Lead to War: Polish FinMin
by Antonia van de Velde
Friday, 16 Sep 2011
A collapse of Europe’s monetary union would likely lead to a breakup of the European Union as a whole, posing significant risks to the region and even raising the possibility of war in the long term, Poland’s Finance Minister told CNBC late on Thursday.
“If the euro zone were to fall apart then it’s hard to exclude the possibility of EU falling apart as well,” Polish finance minister Jacek Rostowski said in an interview.
“The EU has been one of the two great pillars of European peace and security of the past 60 years,” he said.
“Therefore the danger in a longer-time horizon, in 10-20 years, in the absence of one of the key elements of our security system and one of the key elements of our political system, which ensures we deal with problems in this peaceful, democratic way we’ve developed, the risk of all sorts of authoritarian political movements, and therefore even war, in the long horizon, rises,” he said.
On Friday, Treasury Secretary Timothy Geithner will join EU finance ministers at a meeting in Poland, which holds the rotating EU presidency, to urge them to take decisive action in response to the euro zone debt crisis.
Poland joined the European Union in 2004, but has not adopted the euro.
“I think a lot has been done and a lot is on its way,” Rostowski said of the meeting of EU finance ministers on Friday and Saturday.