Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-03-25-Speech-4-032"
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"en.20100325.3.4-032"2
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"Mr President, I appear to have been living in some sort of parallel universe here, hearing about the success of the euro. Let us bring it all down to earth just a little bit shall we?
Unemployment, youth unemployment in the Iberian Peninsula and many eurozone countries is chronic. It has been at 30-40% for years. Nothing to do with the crisis at all. A complete disaster. GDP per capita in the USA is miles ahead of the European Union. GDP in the Pacific Rim is miles ahead of the GDP in the Union.
No, the euro has not been successful at all. It is already failing. It is already crumbling before our eyes. Just look at some economic basics. There is no lender of last resort, which is why we have this Greek crisis and a Portuguese crisis round the corner. There is no lender. This is impossible in global, in currency management, whether it is an optimal currency zone or not.
There is no coordinated fiscal policy so it is doomed to failure and it is failing as we speak.
Let me just remind everybody here about something else if I may. There are two sorts of people: wealth creators, those people that go out and work in the private sector and create wealth, and there are the others who spend wealth, which are politicians and bureaucrats and there are too many of us. Far too many of us. We are the monkey on the economies’ back and, until these currency zones start cutting down public sector spending, it is going to get worse and worse and worse."@en1
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