Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-02-15-Speech-3-094-000"

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"en.20120215.5.3-094-000"2
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"Mr President, with the Greek and Italian debt crises under the burden of the euro, of course unemployment is rising. Spain has over 40% youth unemployment – yet there is a call for more Europe. Employment policy should be to cut regulations by half at least as the target for 2020, instead of which more legislation is being proposed. If you want growth and jobs, stop promoting the failed euro. Look at what it has done to Greece. Set them and others free, free to reorganise their own currency and to set their own interest rates. Remember the euro forerunner, the ERM? My country was in that project; interest rates rose and so did unemployment. Finally, interest rates went up to 15% – totally unsustainable – but at least the government came to its senses and withdrew from the ERM. That was on Black Wednesday in 1992, but it should be remembered as ‘Freedom Wednesday’, for interest rates fell, employment gradually recovered and we entered a period of economic growth. Now that is the model you want."@en1
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