Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-25-Speech-2-026-000"
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"en.20111025.5.2-026-000"2
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"Madam President, relocation to European level neutralises the disciplining powers of the markets. The result is that the whole of Europe has to pay a bitter price. Instead, for example, of giving the Greeks a chance to recover by being outside the euro, they were dragged along within it whatever the cost, thus making further indebtedness easier.
The EU’s way of supposedly ensuring greater financial transparency is to employ the latest marketing trick. Brussels’ monitoring of the national budgets, in the form of the European Semester, will end up – in very short order – turning into pure planning bureaucracy that lacks any real content and merely pays lip service to monitoring. The butter mountains and milk lakes of the past are, of course, testimony to the failures of a planned economy at EU level. Growth and success, moreover, cannot be produced to order, as the Troika involved in the Greek rescue has now learnt the hard way.
It would seem that Brussels refuses to see that the single currency has a faulty design and was doomed to fail from the outset as a result of the differing economic conditions of its members. Instead of more centralisation, what we need is to move back to an association of States with equal rights, pursuing their own economic policies. There could, if need be, be a small hard currency zone, provided that the key economic indicators of the countries in question allow this."@en1
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