Bowles had travelled to the event directly from Brussels to inform the industry about the current state of the European Mortgage Directive.
But after her main speech was concluded she was asked a number of questions from the audience about the future of Europe.
The event’s host, Kevin Duffy, managing director of UK brokerage Mortgage Force, asked her whether, with the continued instability in Europe, in six months time we would see a two speed Europe.
Bowles responded: “I don’t know whether we will have an EU.” When Duffy attempted to clarify whether she meant the EU or euro, she responded “I don’t think we’ll have either”.
She went on to say while the parliament and commission were currently holding the line well when it came to protecting the single market, she said she was pessimistic about the future of the euro, and in her opinion it was “game over”.
We really are moving into uncertain times. The only comparison I can think of is with the break-up of the USSR. A time I remember well - I was in northern Russia when the Commonwealth of Independent States was proclaimed. (and inadvertantly happened to witness the first ever public striptease in Murmansk, though that's another story.)
For those salivating at the thought of the break-up of the EU , be careful what you wish for. The demise of the USSR brought about a great deal more personal freedom, but led to years of poverty, a massive gap between rich and poor and at least two wars.
I don't think the break-up of the EU would do much for personal freedom, but on the other hand I don't think we would get any wars. As for years of poverty, I'm worried...