Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-09-12-Speech-3-056-000"
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"en.20120912.4.3-056-000"2
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"Mr President, Mr Barroso, we keep hearing these terrifying, biblical predictions of what would happen in the event of a euro break-up.
We have heard the same thing over and over again. We heard it 20 years ago in my home country over the ERM. We were told that it would be inflationary and that unemployment would rise. In fact, our recovery began the day we left and carried on for 15 years before Gordon Brown came along to mess it up, but that is another story.
We had the same thing in Denmark. We were told that if they voted not to join the euro, inflation would go up, interest rates would go up. In fact, precisely the opposite happened. The Copenhagen stock exchange enjoyed its greatest 24-hour rise in history. Inflation and interest rates fell. The same thing in Sweden.
I suspect that even you in your bones know that the best option now for the peripheral countries is to default, devalue, decouple. To price their way into the markets, to start exporting their way back to growth. It would not solve everything, but it would be an alternative to this downward spiral of deflation, poverty and emigration and that is really what you are afraid of. Their economies would recover; the credibility of the Eurocrats would not."@en1
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