Mervyn King, former head of the Bank of England, has written a book that explains why the Eurozone will collapse. His logic is nearly the same as I have stated many times: There’s simply too much debt in the system coupled with no political will by Germany to get involved in a transfer union.

Please consider Former BoE chief King predicts collapse of the eurozone.

Mervyn King, the former governor of the Bank of England, predicts the collapse of the eurozone in a book published this week, going further than his well-known private scepticism for the European single currency.

In extracts from The end of alchemy: banking, the global economy and the future of money, he says the burden of debts between nations in the eurozone “may become too great to remain consistent with political stability”.

Highlighting the need for the eurozone to integrate more fully, including significant debt write-offs, he says the process will probably exceed the willingness of the European people to bailout other countries.

“Monetary union has created a conflict between a centralised elite on the one hand, and the forces of democracy at the national level on the other. This is extraordinarily dangerous,” the former governor says.

Lord King has expressed similar views before and frequently railed against the requirement only for debtor nations to adjust policies while in office. In 2013 he told the FT that the requirements on Greece and other eurozone periphery countries were best described as hell. “It’s real hell. Instead of mere hell, it’s real hell,” he said.

The book primarily concerns the future of banking and imbalances in the global economy. He says the world will inevitably face financial crises because it has not sufficiently resolved the issues that caused the problems of 2007-08.

Lord King is by no means sanguine about breaking up the eurozone. Predicting that southern European countries will tire of the efforts needed to stay in, he adds that “the counterargument — that exit from the euro area would lead to chaos, falls in living standards and continuing uncertainty about the survival of the currency union — has real weight”.

“But if the alternative is crushing austerity, continuing mass unemployment, and no end in sight to the burden of debt, then leaving the euro area may be the only way to plot a route back to economic growth and full employment. The long-term benefits outweigh the short-term costs,” he writes.