The eurozone is not only a financial disaster , it is fast becoming a social disaster as well , wrote Matthew Lynn in The Telegraph , adding that buried under discussions of growth rates , bail - outs and banking reform is the fact that the " eurozone is turning into a poverty machine " . With the economy stagnating , rates of poverty in Europe have rocketed with the worst results found in areas covered by the single currency . Lynn said there could not " be a more shocking indictment of the euro ’s failure , or a more potent reminder that living standards will only improve once the euro is either radically reformed or taken apart . "
The eurozone is not only a financial disaster, it is fast becoming a social disaster as well, warns Matthew Lynn in The Telegraph, adding that buried under discussions of growth rates, bail-outs and banking harmonisation is the fact that the "eurozone is turning into a poverty machine". With the economy stagnating, rates of poverty in Europe have rocketed with the worst results found in areas covered by the single currency. Lynn warns there could not "be a more shocking indictment of the currency’s failure, or a more potent reminder that living standards will only improve once the euro is either radically reformed or taken apart."