Newspaper article The Evening Standard (London, England)

Clarke Now I Believe Euro Has Failed

Newspaper article The Evening Standard (London, England)

Clarke Now I Believe Euro Has Failed

Article excerpt

Byline: ISABEL OAKESHOTT

KENNETH CLARKE today labelled the euro a failure paving the way for his leadership bid.

In a highly significant move, the former chancellor said that the single currency had not delivered the benefits he expected.

He also conceded the EU constitution was "effectively dead". His comments, to the journal Central Banking, mean that he is now toeing the Conservative party line on both issues.

His passionate support for Europe and the euro was seen as his downfall in previous leadership contests.

Speaking about the euro, he told the journal: "I thought it would lead to increased productivity, efficiency and living standards and stimulate policy reforms.

On that front, so far, it has been a failure."

Asked if Britain should join, he said: "At the moment, politically, it has gone into the middle distance.

I doubt if it is possible

for 10 years or more. I do not think there has ever been a time when the British could have joined with complete security and confidence. …

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