Euro May Bring Europe Down: EU Parliament Member

The single European currency may bring the end of the whole European Union, because its one-size-fits-all approach means countries on the "wrong" side of the economic cycle lose out, European MP Nigel Farage said.

"Thank God we weren't in the euro" when the crisis hit Europe, Farage said when asked about Britain's chances to cope with the financial downturn.

"I do feel very sorry for countries like Greece. I think in the end it will be the euro that will bring the entire European project down," Farage, who is also the leader of the UK Independence Party advocating Britain's exit from the European Union, told foreign journalists.

The pound lost more than 22 percent of its value against the euro in the last two years, as the Bank of England has embarked on a much more aggressive monetary easing policy, cutting interest rates to a record low and buying government debt to boost the money supply.

By contrast, the European Central Bank has until recently refrained from seeing quantitative easing as an option although the firm euro had contributed to the economic woes of smaller countries such as Greece, Portugal or Ireland, analysts have said.