Fund managers fear demise of the euro

Fund managers are predicting the downfall of the beleaguered euro, with M&G bond vigilante Richard Woolnough among those forecasting an end to the single currency.

As fears for the euro continue to plague global markets, Woolnough described it as a “strange thing” to operate a single currency across a wide economic block and said he expects the eurozone to revert back to individual currencies. “I think the euro will fail,” he told the 2010 Fidelity FundsNetwork Investment Forum. “Whether that is in 1,000 years, 50 years or next week, who knows? “It is an in inefficient way of allocating capital. I think it will be replaced by national currencies.” Artemis Income stalwart Adrian Frost is among the managers who share Woolnough’s pessimistic out...