The Sunday Telegraph quoted Nobel Prize winning economist Joseph Stiglitz saying that the “future prospects of the euro are bleak”.

He said, “Europe created a solidarity fund to help new entrants into the European Union, most of whom were poorer than the others. But it failed to create a solidarity fund to help any part of the eurozone that was facing stress. Without some such fund, the future prospects of the euro are bleak.”

He suggested that one way to save the euro would be for Germany to leave the eurozone, so allowing the currency to devalue and help struggling countries with exports.