Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-23-Speech-2-129"
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"en.20101123.33.2-129"2
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"Mr President, would you trust an economic forecaster who had recently said this: ‘The euro has done more to enforce budgetary discipline in the rest of Europe than any number of exhortations from the IMF or the OECD’? Or this: ‘The euro has already provided great internal stability for the eurozone’? Or this: ‘If we get rid of sterling and adopt the euro, we will also get rid of sterling crises and sterling over-valuations. This will give us a real control over our economic environment’.
All three of those quotations come from our former colleagues in this House, Nick Clegg and Chris Huhne – now, alarmingly, ministers in the British Government. We, on the other hand, who oppose the euro – there is no way of putting this modestly – have been proved absolutely right. We always said that an ECB rate determined by the needs of the core would be disastrous for the periphery.
I am not expecting any humility from those who got it so disastrously wrong. I am sure they will still be wheeled out by the BBC as disinterested experts, and I am sure that we will still be portrayed as doctrinaire hardliners. Believe me, I am not gloating for the sake of it. A friend of mine just said that there is nothing more irritating than being wise during the event. But please listen to us next time. The single currency forces nations to adopt the wrong monetary policy, with calamitous outcomes for the bailout receivers and to those paying."@en1
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