Mandelson: The four crises facing eurozone

Peter Mandelson, the Labour party peer and former European Commissioner, has warned Europe is facing not one but four crises which policymakers must tackle.

Mandelson, who is also a senior adviser to Lazard, said the eurozone faced a crisis of insolvency, a banking crisis, a north/south style divide, and a political crisis. "The eurozone is facing four crises," he said. "A crisis of insolvency, a wider crisis of banking, a structural and productivity gap between the north and the south, and a crisis of political legitimacy." He said a lack of political legitimacy was the main issue policymakers needed to tackle first as it was preventing united action to tackle the other problems. "There is a loss of it [political legitimacy] which is ...