Reform of Eurozone Necessary to Prevent Dissolution - European Lawmaker

Member of the European Parliament said that Eurozone area requires extensive reforms to prevent countries from leaving the currency union.

MOSCOW (Sputnik), Yulia Shamporova – The euro area requires extensive reforms to prevent countries from leaving the currency union, Member of the European Parliament Jean-Luc Schaffhauser told Sputnik on Wednesday.

"As long as we don’t change and transform the Eurozone, regarding the financial transfers that have to be profitable, to stimulate growth and wealth in the deficit countries, this zone will remain in recession and unemployment will rise… If this is not made, the eurozone will not survive," Schaffhauser said.

Such an extensive single currency zone needs an effective system of funds distribution that would depend on the wealth of the eurozone countries, Schaffhauser added.

Greece has been struggling with a deep economic crisis in recent months, causing speculations that the country might leave the eurozone.

Athens owes about $270 billion of its $350-billion total debt to its main creditors — the European Central Bank, the International Monetary Fund and eurozone countries.

The country is close to concluding talks on a new $95-billion bailout deal with its international creditors.