Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-11-26-Speech-3-023-000"
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"en.20141126.6.3-023-000"2
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"Mr President, I thought that some deals in the City of London were highly leveraged, but it turns out that is nothing compared to the European Commission. The brutal truth is you do not have 315 billion euros to spend, or anything like it, and what you do have to spend means throwing good money after bad. As the OECD has now admitted, the eurozone has persistent stagnation tendencies. Mr Juncker is trying to implement a bodged solution, but the truth is that the vehicle itself is unsound. The euro is what motor traders in my country would call a lemon, and it should be scrapped. It prevents the weaker nations of the zone from using exchange rate depreciation as a mechanism for protecting economic activity in tough times.
In Britain, we saved probably a million jobs by allowing the pound sterling to depreciate after the 2008 crash. In Euroland, you lost several million jobs because Greece, Italy, Portugal and Spain were unable to follow suit. Of course, one can only pay tribute to the fundamental strength of the German economy. Germany has the infrastructure, the good industrial relations, the excellent technical education, economies of scale, R&D budget and the world’s leading brands; but to expect the southern eurozone members to live in the same exchange rate and same interest rate regime is pure folly. Southern Europe is in a terrible state. The extent of unemployment – and youth unemployment in particular – is a disgrace. It gives the lie to any claim you might wish to make that the EU in its present incarnation is a force for good. There is a fundamentally deflationary bias brought about by the euro across southern Europe. Twenty billion euros parcelled up to sound like 300 billion will not change that. Your imperial ambitions are robbing the peoples of the world’s greatest continent of the chance to fulfil their potential.
Mr Juncker, this is not a new deal – still less Christmas coming early, as you claimed. It is just another EU turkey!"@en1
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