'The eurozone has failed' - Czech President

The Czech Republic President has hit out at the eurozone bloc, saying the union has failed to bring meaningful economic benefits to its members.

Václav Klaus said over the last decade, the economic performance of eurozone countries has diverged and the negative effects of the "straight-jacket" of a single currency had become "more and more visible". While these problems were not obvious during the 'good weather', they manifested themselves very clearly once the crisis or 'bad weather' arrived, he said. "As a project that promised to be of considerable economic benefit to its members - the eurozone has failed," he said, in an article written for the Wall St Journal. Klaus made the damning criticism after months of turmoi...