We must see radical reform of EU economies and the euro itself

Philip Booth appears on BBC R5 Wake Up to Money

Philip Booth appeared on BBC Radio 5 Live Wake Up to Money to discuss new IEA research on the euro zone and proposed reforms.

Regarding the crisis in the euro zone, we are witnessing a situation in which banks are investing in risky government debt, governments are bailing out banks and governments are also guaranteeing each others debts. Professor Booth argued that these actions are not solving any problems but rather "sweeping the problem under the carpet". We need radical reform of not only EU economies but the nature of the euro itself.

Professor Booth argued that countries must recognise that loans have been made on which there will be defaults. We must see an orderly default on government borrowing and bank debt in order to move forward.

Listen to the full programme here. Segment begins at 11.08.

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