Should the euro never have existed?
February 19, 2013 -- Updated 0619 GMT (1419 HKT)
- Saxo co-CEO: 'Euro should never have existed'
- Germany fears Greek exit from eurozone would spark monetary union breakup
- Euro has risen 10% against U.S. dollar since July 2012
- Saxo's Christensen: 'Euro demise depends on Germany'
(CNN) -- "I don't think the euro should exist," said Saxo Bank co-CEO Lars Seier Christensen to CNN's Richard Quest, in terms that could hardly be less fractious to supporters of the 17-nation single currency bloc.
"It's quite clear that what lacks here is fiscal union but it's also very clear that the populations of Europe are not supportive of that goal."
The eurozone will also pull itself apart as competitiveness will continue "to develop in different directions," said the head of the online Danish investment bank. He added that the people of the eurozone -- in particular, Germany as the monetary zone's prime pillar -- will not make sacrifices for "the weaker part of the eurozone" -- Greece and other southern European countries.
Christensen's controversial comments stand in stark contrast to what eurozone supporters have said -- advocating for austerity to keep the union together.
Europe 'will muddle through' in 2013
Quest's Eurozone Monopoly challenge
Greek FM on leaving Eurozone
Germany, Europe's largest economy, fears that a Greek exit from the eurozone could lead to a domino effect in which other massively-indebted countries -- Ireland, Portugal, Spain and Italy -- may pull out from the common currency, leading to the breakup of the eurozone.
In December 2012, German Chancellor Angela Merkel won more support for bailout funds for Greece. In July, Mario Draghi, the president of the European Central Bank promised to do "whatever it takes to preserve the euro" which set off rallies for Greek, Spanish and Italian bonds.
Still, Saxo Bank's Christensen believes the euro will disappear at some point in the future -- and despite hitting 13-month highs -- because he believes overall support does not exist.
"I'm not saying it's a bad thing that support is not there," said Christensen, "because the ability to adjust your currency is an important equilibrium between different economies and different developments. When that's gone you're left with a completely different set of problems."
The bank CEO declined to give a timeline but said it "depends how long the Germans hold out... how long the German population is willing to buy into supporting" fiscal union.
"I can tell you the problem is going to get greater rather than smaller... I fear that the markets will take the thing apart eventually."
Part of complete coverage on
April 10, 2014 -- Updated 1537 GMT (2337 HKT)
Cyprus, the tiny Mediterranean island bailed a year ago, is starting to rebuild itself, the finance minister tells CNN.
March 13, 2014 -- Updated 1157 GMT (1957 HKT)
Mobile World Congress spans the full spectrum of untethered gadgetry Explore this year's top trends with Stuff Magazine Editor Will Findlater.
April 8, 2014 -- Updated 1203 GMT (2003 HKT)
CNN's John Defterios says India's election race will likely boil down to three simple numbers: growth, inflation and interest rates.
April 17, 2014 -- Updated 1107 GMT (1907 HKT)
More than a million Londoners live in flatshares. And while this used to be associated with students, more mature people find themselves sharing.
April 2, 2014 -- Updated 1050 GMT (1850 HKT)
Nina Dos Santos visits Baselworld the world's most prestigious event for top jewelry and watch brands.
April 2, 2014 -- Updated 1324 GMT (2124 HKT)
Will Xi Jinping's historic visit to the European Union headquarters help the Chinese leader get what he needs from the EU?
March 28, 2014 -- Updated 1328 GMT (2128 HKT)
Binnaz Saktanber says many feel trapped between their brains, telling them to leave Turkey, and hearts, which tell them to stay.
April 1, 2014 -- Updated 1057 GMT (1857 HKT)
"I thought I'd sold it," says Norwegian man who left luxury boat in marina two years -- with keys tied to railings. What happened?
April 2, 2014 -- Updated 1027 GMT (1827 HKT)
The United Kingdom is champagne's biggest export market. CNN's Isa Soares reports on what's driving sales.
March 26, 2014 -- Updated 1151 GMT (1951 HKT)
"Sorry, I don't go south of the river," was once a common refrain from London taxi drivers. Not anymore. South London is booming.
March 21, 2014 -- Updated 1834 GMT (0234 HKT)
The list of Russians targeted by Western sanctions includes people from Vladimir Putin's inner circle -- including his judo sparring partner.
March 25, 2014 -- Updated 1558 GMT (2358 HKT)
Her passion for public speaking and networking have earned Julia Hobsbawm the moniker "queen of networking." What is her secret?
Google Glass is trying to shed its public relations problem of a nerdy image by teaming up with the company behind Ray-Bans and Oakley sunglasses.
March 24, 2014 -- Updated 1337 GMT (2137 HKT)
European leaders are meeting in Brussels to discuss further sanctions against Russia. But they are likely to be cautious. Here is why.
Today's five most popular stories