The senior Liberal Democrat told an event at the Cheltenham Literature Festival entitled “Austerity, the euro and us”, there is no “automatic guarantee” that a military conflict will not break out in Europe as the consequences of the collapse of the euro are “incalculable.”
“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,” Cable warned.
He also pointed to the controversial awarding of this year’s Nobel peace Prize to the European Union last week saying the single currency was introduced to bring nations together against extreme nationalism and a subsequent conflict as was the case in the Second World War.
“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,” he said