Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-11-25-Speech-2-654-000"

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"Mr President, at the last meeting of the meeting of the Committee on Economic and Monetary Affairs I told Mr Draghi that I felt sorry for him – and I still do. The problem here is that you can make as many ad hoc adjustments to the powers and remits of the ECB and its quangos as you like, but you will still have a seriously suboptimal currency zone. Only by abolishing national governments, national elections and, indeed, any feeling of national identity among national populations could you create the conditions for a smooth-running single currency zone. You would need popular consent for massive and permanent transfer payments from the stronger parts of the zone to the weaker. You would need to deploy ruthless political power to impose structural and, indeed, cultural changes on the non-powerhouse nations. You do not have any of this, and I, for one, pray you never get it, because the right outcome is to dismantle the euro and let national currencies presided over by national governments accountable to national populations come into being once again. That way, interest rate decisions could be taken to suit national economies and the exchange rate could serve as an adjustment mechanism to protect economic activity in the weaker parts. Your wish to indulge in incremental deepening of the ECB is perhaps understandable in the circumstances, but this is a bodged repair job on a fundamentally unsound vehicle. It is time you allowed the peoples of Europe to cut their losses. It is time to send the euro to the scrapyard."@en1

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