Commission will help euro survive

The euro will survive because of the strength of the European Commission, which will push through legislation sufficient enough to keep the monetary union in place, according to John Nugee, senior managing director with State Street Global Advisors.

Mr Nugee, who was formerly a director with the European Investment Bank, and who also worked at the Bank of England, said there has to be a move towards a federal finance ministry if the single currency is to remain viable.

However, there is little appetite among the electorates of member states to move towards federalism.