Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-12-15-Speech-2-040-000"

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"Mr President, a former British Chancellor of the Exchequer, Denis Healey, who sadly passed away this year, had a famous law of holes. It was quite simple: when you are in one, stop digging. Even the current British Chancellor, George Osborne, knows of Healey’s law of holes, which is perhaps why he recently abandoned his plan to slash tax credits for working people. But clearly the law of holes is yet to reach continental Europe, because the eurozone is in the mother of all holes and yet rather than climb out you lot keep digging. The euro does not work. Even after quantitative easing, eurozone growth this year is a dismal 1.5% – this seven years after the financial crash upon which you still blame all your woes. In Italy, growth is 0.8%; in poor Greece, 0.5%. After so many productive resources were taken out of use following the crash, your annual growth number should be starting with a three and not a zero anywhere in the euro area. My EFDD Group colleagues in the Five Star Movement put it very well when they say sufficient time has passed to assess the political and economic failure of the euro project, and that divergences and imbalances have been exacerbated. On unemployment, the British rate is 5.3%. The eurozone rate is twice as high, at 10.7%, even though we have been taking surplus labour off you via migration, and yet you want more compulsory integration rather than setting disparate economies free in their own currencies with their own interest rate regimes, supervised by their own democracies. The hole you are digging now is so deep you will soon be able to bury the EU’s entire economic prospects inside it."@en1

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