Babacan: EU's disintegraion may begin due to economic reasons

Speaking at a seminar organized by the Paris Bosphorus Institute in Istanbul, "Nowadays certain circles are debating if various countries should exit from the euro zone and if euro should be divided into two parts," Babacan said, stressing that such discussions in the EU may be signaling the beginning of the end for the EU. "I can say so because the EU was founded on economic principles. EU's foundation was based on economy. EU's disintegration may begin due to economic reasons," he said, adding that their advice to the countries in the euro zone would be to formulate a common and strong policy. "The problems in Europe are growing blatantly and, unfortunately, there is a negative picture regarding the global economy, particularly in Europe," he said. "There are also lingering worries about who will back states when banks start to teeter," Babacan said.