He said: “In the early days there was some convergence of economic cycles, but then the asymmetric shocks in 2008 and 2009 have continued to ripple through the landscape and really challenge the idea that this is a cohesive economic zone that can be guided by one central bank.
“You have to wonder about the future of the European Union itself, it was never an optimal currency zone...how much can this political arrangement withstand?
“This is an imperfect union and the survivability of it is, I think, a serious question.”
He was also asked during his interview with CNBC whether it was likely that more countries would decide to follow in the UK’s footsteps and leave the EU.
He said: “I think that’s a distinct possibility, the idea that one size fits all has been rejected repeatedly over the last 10 years.”
Mr Roach was also asked about the economic impact of Brexit, to which he said the UK’s withdrawal would not cause a worldwide crisis, but would have a significant impact.
He said: “The link between the UK and Europe is important for pan-European trade, but that in itself isn’t enough to derail an entire global system, but it could have an impact.
“The downward growth pressure is in China, the weakness in Japan, the deceleration in the United States.
“In conjunction with uncertainties and potential shock coming out of Brexit, it’s certainly a potentially toxic cocktail for the global economy.
”Investor and billionaire George Soros has also expressed concern about the EU’s longevity.He said in February 2019 that Europe “is sleepwalking into oblivion.”
Mr Soros added: “The people of Europe need to wake up before it is too late. If they don’t, the European Union will go the way of the Soviet Union in 1991.”This came despite his ardent anti-Brexit views. “
EU news: Soros even said the EU was headed for 'oblivion' (Image: getty)
In fact, in 2017 he claimed the UK was “in denial” over Brexit. He predicted the UK’s withdrawal from the EU would cause economic harm to the country.
Mr Soros said: “At the moment the people in the UK are in denial. The current economic situation is not as bad as was predicted and they live in hope.
“But as the currency depreciates, and inflation will be the driving force, this will lead to declining living standards.“This is going to take some time, but when it does happen they’ll realise that they are earning less than before because wages won’t rise as fast as the cost of living.”
