Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-07-03-Speech-3-364-500"
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"en.20130703.37.3-364-500"2
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"I abstained on this report because the UK is not a member of the euro area. However I urge Latvia to take a cautionary approach to joining the euro. We have seen in the past few years how countries have become trapped within the euro area and unable to implement the monetary policies they desperately need to protect their citizens and rebuild their economies. The euro area has become a prison from which it is completely impossible to escape. At a time of instability, membership of the euro is a risk. The euro has tied hands behind backs as governments in Greece, Cyprus, Spain, Italy and Portugal find it increasingly difficult to stabilise their economies and protect jobs. There is record unemployment in countries like Greece and Spain – with few signs of the situation improving as these countries desperately cling to a currency ill-equipped to adapt to the plethora of national economic realities within the euro area. In Latvia, non-resident deposits account for nearly 50 % of total bank deposits, many of these owned by investors who previously banked in Cyprus. Sixty-two percent of Latvians oppose joining the euro and I urge nation states to retain their economic self-determination."@en1
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