The key problem in the Eurozone is the banking system

Tim Congdon features on The Today Programme

Professor Tim Congdon, member of the IEA's Shadow Monetary Policy Committee, appears on the BBC Radio 4 Today Programme to discuss reasons behind poor economic growth in the Eurozone. In the programme, the weak economic performance of France and Germany is discussed, in comparison to the UK's continuing improvements.

Tim makes the point that the key problem in the Eurozone is its banking system and the pressure placed upon banks to have stronger balance sheets. Tim argues that the growth in the UK can be attributed to an expansion in the banking system and the quantity of money. 

You can listen to the programme in full here. Tim's segment begins at 01:16:20

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