Can the euro survive in anything like its present form? A conference of bankers and economists organised by the Institute of Economic Affairs have been told that the answer is "no" by Thomas Mayer, the chief economist of one of Europe's biggest banks, Deutsche Bank.

Speaking to John Humphrys, he explained that european leaders "were trying to do now, what they should have done in the first place" - reform the eurozone so that its labour market was flexible enough to sustain a single currency.

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