Eurozone crisis ‘widened democratic deficit’

The euro crisis has caused the EU democratic deficit to widen which threatens reaching a durable solution to the region’s economic malaise, warned Kevin O’Rourke, professor of economics at Oxford University.

The debt crisis that has divided the eurozone into debtor and creditor nations has also seen the emergence of the unelected technocrat with very dangerous consequences, he said.

Prof O’Rourke said the “men in the white coats” from the European Commission and the ECB, among other EU institutions, had incorrectly diagnosed the cause of the crisis and prescribed inappropriate remedial measures with disastrous results.