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'Call it the Debt Union' - Nigel Farage

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Freedom and Democracy, Mr. Nigel Farage. Thank you. What is the most commonly used word in association with the euro? No, it's not 'failure', though it could be. It's 'stability', isn't it? A decade ago everybody said, 'once we've got the euro currency it will bring us stability.' Well, I would suggest, a decade on, that what it has brought is chaos, discord and misery for millions. And yet the word 'stability'! still being used, this morning Mr Barroso used it, Mr van Rompuy used it 'stability', in fact we're patting ourselves on the back that the bond auctions in Portugal went well last week, when the reality is it was the European Central Bank actually using taxpayers' money to buy their own debt. Your reassurances that all is well don't work. Who do you think you're kidding Mr van Rompuy? Bond yields in Portugal rose to nearly 7% yesterday. The public, right across the Union, no longer support the currency and the battle for Spain hasn't even begun. The model itself is failing and yet what you want is to double the size of the bailout fund. You even want to increase the scope of the bailout fund so that along with the ECB you too can go on buying yet more of your own debt. You're using the crisis as a massive power grab to take us towards fiscal union. If you succeed, then we should change the name. Get rid of 'European Union', call it the 'Debt Union'. And if you do succeed, you will trap those southern countries inside an economic prison for which the suffering of people will be untold, and the North will find itself paying for ever a massive bill and interest rates that are far too high for their own economies. We've reached the point with this where actually it doesn't matter what any of you say. Nobody believes you. The public don't support you. I hope and pray the markets break you. Your collegue wants to react to your speech... Normally I use my mother tongue but it's always or at least sometimes amusing to listen to Mr. Farage because he knows all the answers and he gives all the questions himself as well. But the alternative Mr. Farage, if we have been sixteen, seventeen, up to twenty different currencies as we had in the nineties, as the pound sterling collapsed, would that had been better? Would that had improved the current situation in Europe? No economist, Mr. Farage, no economist would agree with that. You couldn't just say that we are living in some past, we are now dealing with issues concerning Europe today and you are never, Mr. Farage, never answering the question how to deal with this current situation and the future. You are populist and you are too easy on seeing and giving all answers yourself. Thank you. I did say a decade ago that you could not have Greece and Germany put together in the same monetary union and that it would not work. And if you go back through history you find that when people are put together in false currency unions, when governments think they know better than the markets, governments always lose. You ask me what is my solution today it is absolutely as plain as a pikestaff. The Greece, Portugal and Ireland do not fit inside the euro and what we should be doing, what Mr. van Rompuy should be doing to give real leadership, is to be introducing a plan B and to allow these countries to go back to their own currency to have competitive devaluations and to have a chance because what we're doing with this policy, is killing them off. Thank you… I have lived the near future. And it didn't work.

Video Details

Duration: 4 minutes and 44 seconds
Country: Czech Republic
Language: English
Genre: None
Views: 554
Posted by: on Jan 19, 2011

European Parliament, Strasbourg-19 January 2011

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