“Euro will be replaced by a new currency in the next ten years”

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The euro will no longer exist in its current form and will be replaced by a single currency shared by Germany, the Netherlands, Belgium and Austria.

This remarkable statement was made by former European Commissioner Frits Bolkestein in an interview with the Belgian newspaper De Tijd.

According to Bolkestein the European currency union will not survive the ‘dissolvement’ of free trade now that ‘populist’ Donald Trump came to power in America. The new US President has spoken out against free trade agreements like Nafta and TTIP in their current forms.

“The currency union has failed. The northern countries want clear rules, while the southern countries want solidarity with other people’s money. “

Bolkestein is also concerned about the political direction of France where a right-wing president like Marine Le Pen could come to power in next year’s election.

“The key question is whether France will still belong to the new currency union.”

Bolkestein further stresses that Germany fiercely opposes the euro and that the common currency would have never come to life if there had been a referendum about it under German leader Helmut Kohl.

Frits Bolkestein is a retired Dutch politician of the People’s Party for Freedom and Democracy (VVD).

Bolkestein a corporate director by occupation, was elected as a Member of the House of Representatives after the Dutch general election of 1977 taking office on 16 January 1978. He served as Undersecretary for Foreign Trade from 5 November 1982, until 14 July 1986, in the Cabinet Lubbers I. And again a Member of the House of Representatives from 3 June 1986, until 24 September 1988, when he became Minister of Defence from 24 September 1988, until 7 November 1989, in the Cabinet Lubbers II.

He again returned to the House of Representatives on 14 September 1989, and nine months later on 1 May 1990, he became the Parliamentary leader in the House of Representatives and the Leader of the People’s Party for Freedom and Democracy. He served in this position for eight years until 30 July 1998.

From 15 September 1999, until 22 November 2004, he was the European Commissioner for Internal Market and Services. In the European Commission, Bolkestein was responsible for internal market taxation and customs union issues.

Some of the more politically sensitive items in his portfolio were the draft community patent regulation and the draft directives on the patentability of computer-implemented inventions and services in the internal market, the so-called “Bolkestein Directive”, which has become the focus of heated debate.