Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-22-Speech-3-047-000"

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"en.20110622.14.3-047-000"2
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"Mr President, the United Kingdom went through this exactly twenty years ago. We were part of the exchange rate mechanism. We were trapped, trying to peg ourselves against the Deutschmark with interest rates that were double what they should have been. It cost 1 million British people their jobs unnecessarily. Mercifully we crashed out of exchange rate mechanism, interest rates came down and we had a happy time during the 1990s. You cannot fuse together different economies with different rates of growth and with different patterns of trade across the world. We learned our lesson. We did not join the euro, thank God. Those who did are, I am afraid, currently trapped inside an economic prison."@en1
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