Jose Manuel Barroso, President of the European Commission, on Wednesday warned against a breakup of the eurozone and the creation of a two-speed Europe. Speaking in Berlin at the Berlin Wall anniversary, European Commission President José Manuel Barroso warned about the financial cost of a breakup of the Union.

“Were the euro area or the European Union to break apart, the costs have been estimated at up to 50% of GDP in an initial phase. It is estimated that Germany’s GDP would contract by 3% and it would lose one million jobs if the euro area were to shrink to a few core member countries,” Barroso said.

The Commission president admitted that the Union needed an overhaul and even changes in its treaties. However, he advocated against a two-speed Europe.

“In the upcoming discussions regarding the deepening of European integration, including through possible changes to the European Union treaties, the Commission will steadfastly uphold its role as guarantor of the interests of the European common good, the general interest of Europe, including of course the interest of all our member states. And we will defend the integrity of the single market and the integrity of the single currency.”

“The EU as a whole and the euro area belong together and should not be divided,” Barroso said.

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