Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-05-19-Speech-3-065"

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"en.20100519.3.3-065"2
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"Mr President, the economic crisis is not a temporary illness from which EU Members will soon recover to full economic health. There are systemic flaws in the approach to economic policy of the EU and its Member States. The goal of a single currency, eventually for 27 plus countries, is based on the false assumption that one currency can be appropriate for many very different economies. The value of a currency must reflect the state of health of the economy it serves. However, there are other distinct problems. The embrace of globalisation by the EU and its individual Member States is a recipe for disaster. We cannot allow goods and workers from low-wage countries to flood into Europe. We cannot compete with their goods without reducing our wage rates to their levels. Legal minimum wage levels will not prevent our workers being undercut covertly by migrant workers, the outsourcing of the work of our peoples or by moving our manufacturing to the Third World."@en1
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