Woolnough: A 'new euro' could save Europe

M&G's Richard Woolnough, who sparked strong debate over his negative view on the euro, discusses why a new single-currency might be the best thing for the troubled European bloc.

Once unthinkable, the possible demise of the euro is now very much up for debate. Well, among market participants - the politicians will not countenance it, despite the tectonic shifts in the eurozone and the profound strains on the single currency. Put simply, the authorities' view is that the euro must be retained - not only for the survival of governments and financial institutions, but also to keep intact the dream of a United States of Europe. So central is the currency to the ideal of the single economic bloc - an economy to compete with the US and Asia's emerging titans - ...