Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-18-Speech-2-304"

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"Madam President, the crisis is going to have a dramatic effect on the future of the euro. Denmark and Sweden should become members before they expected, and in Britain, too, it is time for the debate to begin. In 1997 Mr Brown established five famous so-called tests before we could adjudge sterling’s accession to the single currency. Suddenly, in this crisis, all these five are met. The pound has fallen to a competitive exchange-rate level, labour markets are flexible, the City, once so proud, now risks being pushed aside by stronger supervision and regulation inside the euro zone, and the economic cycles of Britain and the euro zone are now completely in sync as we plunge into recession at the same time. Mr Brown’s cleverly disguised appearance at the Paris Eurogroup summit was a notable achievement of the French presidency. I appeal to Mr Brown to now change the terms of the debate inside the United Kingdom. If he fails to achieve that, the pound will be like a permanent ping-pong ball, bouncing in an uncontrolled manner between the big footballs of the euro and the dollar."@en1

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