Former Greek financial minister Yanis Varoufakis branded the eurozone "a monster" for allegedly taking away financial oversight from European Union member states. Mr Varoufakis, an outspoken opponent of the European monetary union, claimed the creation of the common currency led to an "undemocratic political union". Recounting his first meeting with other eurozone Finance Ministers in 2015, Mr Varoufakis said: "When I was in the Eurogroup, Wolfgang Schauble was very clear. The first time he spoke, in my presence, he said –spectacularly and very honestly – ’democracy cannot be allowed to change economic policies.’
"Then I said, ‘let’s not have elections then.’
"We’ve created a monster."
Wolfgang Schauble served as Finance Minister during the third Angela Merkel mandate between 2009 and 2017 and is currently serving as President of the Bundestag, the German Parliament. He is also a member of the German's Cabinet committee on Brexit.
Mr Varoufakis continued: "We’ve created a monster. We’ve created a monetary union that has a central bank without a state behind it because the European Central Bank (ECB) doesn’t have a corresponding state. Before the euro, you had the Treasury, the ministry of finance and you had the central banks - correspondence.
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EU news: Varoufakis claimed the EU had produced (Image: ACTIVISM MUNICH•ECAV)
"The ECB is a gigantic central bank with no state behind it
