Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-11-17-Speech-1-098"
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"en.20081117.21.1-098"2
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"Mr President, it has always been economic nonsense for a number of differently performing economies to share the same interest and exchange rates. In addition, the primary function and legal obligation of the European Central Bank is to control inflation, which in the developing economic crisis is the least of our problems.
These are the fault lines that will eventually tear the European single currency apart. But Europhiles in the UK are now using the argument that the falling rate of the pound is an opportunity for us to join the euro. A knowledge of basic economics would tell them that this is precisely the reason why Britain should not join.
The ability of the pound to find its own value against other countries will be an essential factor in helping Britain to weather the coming economic storm. The United Kingdom needs the European single currency like a drowning man needs a strait jacket."@en1
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