A pro-European and former chief economist of Britain in Europe, Legrain is nonetheless downbeat about the prospects for the EU unless it takes radical steps to raise productivity and make itself more democratically accountable. He is particularly concerned about the survival of the single currency. "The EU will survive, but I think the euro zone might ultimately break up," he said. "My base line scenario is that the euro zone is headed for a Japanese-style period of stagnation and deflation."