London: Britain’s Business Secretary Vince Cable has warned that Europe could be plunged into war if the eurozone crisis results in the collapse of the currency.
He said that the potential consequences of the failure of the Euro were ‘incalculable’ and that there was ‘no automatic guarantee’ that the continent would not disintegrate into conflict.
His comments come days after the Nobel Peace Prize was awarded to the European Union for its success in warding off conflict since the Second World War.
“I think we need to take stock that if the eurozone were to unravel in a way that destroyed the European project - and there is a risk that could happen - the consequences would be absolutely incalculable,” Cable said, while speaking at the Cheltenham Literary Festival, entitled Austerity, the euro and us.
“We tend to forget, until we were reminded last week of that Nobel Prize, the European project was constructed in order to rescue Europe from extreme nationalism and conflict. There is no automatic guarantee that won't return,” he added.
According to the Telegraph, Cable said, however, that it was difficult for Britain to influence the world on its own.
He argued that the euro was ‘very valuable’ to Britain and should be supported.
“We are only two percent of the world economy. So what happens in China or the eurozone has massive implications for where we are,” he said.
“If they go badly wrong it will hurt us, regardless of what we do at home. I think we have to have a certain amount of humility of about what we can accomplish domestically, although we can keep trying,” the report quoted Cable, as saying.
First Published: Monday, October 15, 2012, 14:05