Private banking groups 'need not fear demise of euro'

Private banking groups should not worry about the health of the euro, according to one financial executive.

In a speech at The Economist Conference's Inaugural Eurozone dialogue Berlin, Olli Rehn, European commissioner for economic and monetary affairs, played down fears the single currency might collapse due to the strain of the global economic downturn, claiming the money is as strong as ever before.

Those in private banking could be affected by its potential demise, as firms may have international clients that engage in commercial and investment activities in a number of countries and so would be greatly inconvenienced by a collapse.

However, the wealth management expert observed: "The euro is back where it was before crisis," adding improvements in domestic demand and employment are all important indicators of economic health returning to the Eurozone.

A banking crisis in Greece earlier this year cast doubts on the future of the euro, as bailouts from member states left citizens angry, while Greek rioters called for the government to step down and protested against new austerity measures.  ADNFCR-2318-ID-800081400-ADNFCR