Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-10-28-Speech-3-1477-000"

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"Mr President, the Semester report is a very curious detective story. For the most part the evidence of the abominations that have been visited on the peoples of Europe is expertly sifted by Mr Rosati. He notes, for instance, the destructive influence of an overvalued currency on exports, production, employment, wages and much else. At last I think the euro is being prosecuted as the villain of the piece. The report calls on the Commission to explore innovative ways of lessening the need for a painful internal devaluation. Hurray, I think, this must be code for letting the southern periphery leave the euro. The next paragraph notes that a currency union in a currency area that is far from optimal necessarily leaves some of its members trapped with a currency that is overvalued. Yes, I now think, Hercule Poirot, I love you! But then comes the crushing baffling disappointment. Mr Rosati lets the villain of the piece off the hook. In fact he makes the villain chief of police. He says all EU Member States should be engaged in each stage of completing economic and monetary union. To quote a famous British voice: ʻNo, no, noʼ. The report notes a persistently high unemployment rate across most Member States. This will indeed persist, notwithstanding some short-term cyclical improvements, so long as you all persist with the euro. Case closed, Your Honour!"@en1

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