Europe could be plunged into war if the euro collapses

Europe could be plunged into war if the euro collapses, Vince Cable warned last night.

The Business Secretary said the consequences would be 'incalculable' for Europe and 'awful' for the UK but cautioned that there was 'no automatic guarantee' that Europe would not disintegrate into conflict.

Mr Cable spoke out just two days after the European Union was handed the Nobel Peace Prize, an award that provoked widespread ridicule at a time when tensions over the single currency have led to violence and civil unrest across Europe.

Mr Cable told an audience at the Cheltenham Literary Festival: 'I think we need to take stock that if the eurozone were to unravel in a way that destroyed the European project - and there is a risk that could happen - the consequences would be absolutely incalculable.

'We tend to forget, until we were reminded last week of that Nobel Prize, the European project was constructed in order to rescue Europe from extreme nationalism and conflict. There is no automatic guarantee that won't return.' The Business Secretary described the euro as 'very valuable' and said the UK would 'be heard very loudly if it does unravel'.

He added: 'My sense is that the Germans in particular realise how much is at stake. A series of sensible measures have been taken in recent months.

'I think deep down there is enough common sense and a sense of survival to prevent this getting out of control. If it does, I'm afraid the consequences for us will be awful.'

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