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The future of the single European currency

Euro has been saved, says Barroso

The future of the single European currency is no longer in question, Jose Manuel Barroso has stated.

Speaking to journalists in Portugal, the president of the European Commission said the "existential threat" against the euro has now been overcome.

This, he stated, means questions regarding its survival amid Europe's economic problems no longer need to be asked.

"In 2013, the question won't be if the euro will, or will not, implode," Mr Barroso commented.

However, experts have insisted that this does not mean the financial problems in many European countries have been completely resolved.

For instance, David Buik of City spread-better Cantor Index said the implementation of austerity measures across the continent will hit future growth in many nations.

He stated that Mediterranean countries are particularly unlikely to see any expansion in the coming years, along with France.

"The day of reckoning will come and many of these economies will be staring into the economic and financial abyss - the crisis is far from over," Mr Buik commented.

A spokesman for HSBC added that Europe still faces many great challenges both in the short and medium term.

Speaking to the Telegraph, he said the need for austerity and structural reform has not been reduced, despite the European Central Bank pledging to take action.

Furthermore, the official said the situation on the ground for the growing number of unemployed people across Europe has not improved.

HSBC also pointed out that while conditions on the financial markets have stabilised, many businesses are still reluctant to resume investment activity.

As a result, any immediate upturn in business money transfer activity across the continent could still be some way off.

The HSBC spokesman added that many beleaguered nations, including Spain and Greece, are likely to experience more demonstrations and industrial action in the near future.

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