Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-02-09-Speech-2-214"
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"en.20100209.13.2-214"2
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"Madam President, there is a natural relationship between the current health of a state’s economy and the value of its currency. As the economy grows, so should the value of its currency so that it can enjoy the cheapness of goods and services that it chooses to import. Equally, as an economy stagnates or even declines, so will the value of its currency, leading to an export boom and recovery of the economy, assuming, of course, its manufacturing and service industries have not been destroyed by globalisation.
However, the currency of a nation trapped in the euro straitjacket cannot adjust to the needs of its economy and people. This crippled Britain between 1990 and 1992 when we were in the Exchange Rate Mechanism. Now it is strangling Greece and other client states of the euro.
This should be a warning for any country outside the eurozone. Join us at your peril. In the short term, you will see the needs of your economy unattended. When you do decide to withdraw, you will be faced with a debt to the eurozone that has been inflated by your own devalued currency."@en1
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