Ex-Bank of England chief says euro a 'very serious problem'

Staff Writer
Columbus CEO

LONDON (AP) — A former Bank of England governor says the European single currency is a serious problem for Britain, whether or not the country leaves the European Union.

Mervyn King says that even though Britain does not use the euro, "we are influenced and affected by what goes on in the euro area." He says the euro has been economically "a, if not disaster, very serious problem."

Asked if that meant Britain should leave the EU, King said Sunday: "I don't think you can draw that conclusion."

Nineteen of the EU's 28 members use the euro, which has suffered instability since the 2008 financial crisis hammered the currency's debt-burdened weaker members.

Those who want to leave the EU say the crisis shows Britain would be better off outside the bloc.