Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-06-13-Speech-2-417-000"
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"en.20170613.29.2-417-000"2
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"Madam President, eurozone leaders remain mired in denial. It is true that, by its miserable standards, the common currency is having a less disastrous year, transforming itself from a snail to a tortoise in terms of growth, but a fortnight ago Mr Dombrovskis claimed that, after its inception, the euro quickly became a symbol of prosperity for our citizens. Tell that to Italians, whose economy is not much bigger than it was at the turn of the century! Tell it to Greeks, whose death rates have soared amid the collapse of the healthcare system!
Mr Dombrovskis says recovery is firmly under way, after having incorrectly anticipated it for several years, but this so-called eurozone recovery is akin to a drunk managing to stagger three consecutive paces in a straight line. We know it is going to lurch face first into a brick wall at any moment, because this is a flawed political construct. To trap Greece and other southern economies in the same currency as Germany is simply folly. These economies need their own currencies that can depreciate to protect their activity levels in the face of Germany’s superior productivity path. They do not have Germany’s scale, brands, R&D budgets, communications infrastructure, technical education system, export networks, harmonious industrial relations or work ethic. Even their climates dictate a daily pause in activity. But instead of navigating back toward sensible economics, the EU keeps using the ideology of integration as its lodestar.
Even Romania and Bulgaria are expected to join the euro, lining them up for the same fate as has been visited upon Greece. Unless the people of Germany are willing to fund giant and permanent transfer payments to the weaker parts, which they are not, there is no long-term case for expanding or deepening the eurozone. Do not deepen it: dump it."@en1
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