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Euro zone faces systemic crisis, Barroso warns

Euro zone faces systemic crisis, Barroso warns
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The euro zone will not survive unless it becomes more integrated, Jose Manuel Barroso has warned.

Addressing MEPs at the European Parliament in Strasbourg, the EU Commission President said deeper integration could only be achieved through eventual treaty change.

“The increasingly systemic nature of the crisis has made it clear that we must progress with greater integration of economic governance, especially within the euro area. This crisis has exposed weaknesses and gaps, in terms of surveillance, intervention and decision-making,” Barroso said.

Barroso’s warning follows another week of deep uncertainty on the financial markets, with investors now beginning to question whether other EU countries, in addition to Italy and Spain, can service their large debts. The likes of France, Finland and Belgium have all seen borrowing rates increase in recent days.