Letter: Euro crisis looms

In 1998, William Hague rightly predicted the euro would become a burning building with no exits and contrasted it to its forerunner, the ERM, from which we managed to escape.

The currency had fatal design faults, with no mechanism for dealing with asymmetric shocks, and rested solely on political will which the French election shows is now gone (your report, 7 May).

The collapse of the euro is virtually certain and no nation will want to burden its new currency with euro debts, so creditors will have to take their losses eventually. Rather than continuing to search in vain for a means of saving its doomed currency the Brussels elite should face reality and seek the salvation of ordinary Europeans.

(Dr) John Cameron

Howard Place

St Andrews