Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-12-16-Speech-2-039-000"
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"en.20141216.4.2-039-000"2
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"Madam President, every debate on economic governance I attend makes me more grateful that the United Kingdom is not part of the euro. In my view it is profoundly undemocratic for the Commission to tell Member States what they should tax and what they should spend. But that is the consequence of entering into a single currency. And it is increasingly clear that the euro single currency is not working for the very diverse economies within its borders. As a result, millions of young people across the EU are not working either. Youth unemployment is 40 % in Italy, 55 % in Spain, 58 % in Greece. That is a tragedy for millions of families.
The Stability and Growth Pact is right to control spending and borrowing in euro area countries, but it needs to be accompanied by an appropriate monetary policy and this is impossible for the ECB to achieve. Whatever the Commission might say about economic governance it does not acknowledge the fundamental flaw that exists in the construction of the euro. A single interest rate is never going to be appropriate for all members of the euro area. And I would say to Mr Dombrovskis, if you want the euro area to flourish you and the Commission are going to have to bring up the subject of fiscal transfers, because you cannot have a situation where you fix the interest rate, you fix the rate of exchange for all the euro area members, and you then tell governments in Greece and Italy what they can spend and tax, without transferring money from rich euro area members to poorer ones – and that is something you are too afraid to address."@en1
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