Barroso: Financial crisis not a result of euro currency

The President of the European Commission José Manuel Barroso is rejecting claims that the current financial crisis in the EU is due to the euro currency.

Mr Barroso has called on the the leaders of EU States to properly explain to their people how the European Union has found itself in its current difficulties.

Speaking in Brussels today, he said Iceland and other non-EU states are proof that the euro is not responsible for the current downtown in economic activity.

Mr Barroso said: "We have countries outside the euro that are experiencing the same type of problems.

Iceland is not a member of the euro, they had a huge financial budgetary crisis. Other countries that are outside the European Union, not part of the euro are experiencing difficulties, so it's completely not true that the crisis is a result of the euro."