Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-01-19-Speech-3-017-000"
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"en.20110119.4.3-017-000"2
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"Mr President, what is the most commonly used word in association with the euro? No, it is not ‘failure’ – although it could be. It is ‘stability’, is it not? A decade ago, everybody said that once we had the euro currency, it would bring us stability. Well, a decade on, I would suggest that what it has brought is chaos, discord and misery for millions, and yet the word ‘stability’ is still being used this morning. Mr Barroso used it, Mr Van Rompuy used it: ‘stability’.
In fact, we are patting ourselves on the back because the bond auctions in Portugal went well last week, whereas the reality is that the European Central Bank was actually using taxpayers’ money to buy their own debt. Your reassurances that all is well do not work.
Who do you think you are kidding, Mr Van Rompuy? Bond yields in Portugal rose to nearly 7% yesterday. The public right across the Union no longer supports the currency, and the battle for Spain has not even begun. The model itself is failing and yet what you want is to double the size of the bail-out fund. You even want to increase the scope of the bail-out fund so that, along with the ECB, you, too, can go on buying yet more of your own debt.
You are using the crisis as a massive power grab to take us towards fiscal union. If you succeed, then we should change the name: get rid of ‘European Union’ and call it the ‘Debt Union’. If you do succeed, you will trap those southern countries inside an economic prison, in which people’s suffering will be untold, while the northern countries will find themselves paying, forever, a massive bill and interest rates that are far too high for their own economies. We have reached a point where it actually does not matter what any of you say. Nobody believes you. The public does not support you. I hope and pray the markets break you."@en1
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