Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-12-15-Speech-4-198-000"
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"en.20111215.23.4-198-000"2
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"Madam President, just before the vote, a PPE friend of mine said there was nothing so annoying as people being wise after the event. I responded that we were in fact being wise during the event and had been wise before the event.
What is happening now in the eurozone was not just predictable, it was widely predicted. It had all the inevitability (to choose an apposite parallel) of a Greek tragedy.
We had the hubris of the early days when everybody pretended that Greek and German debt were interchangeable, when a productivity gap of 30% opened up and when the markets did not intervene to impose a correction of their own. Now we are having the nemesis, but we will not have the catharsis until Greece and the other stricken countries are able to print their own currencies, price their way back into the market and start exporting their way to growth again.
One is never popular saying, ‘I told you so’. Nonetheless it does seem a bit unreasonable, if the other Member States are prepared to pay all these extraordinary prices or at least inflict these prices on their peoples, to send us the bill. It is not our problem. We kept the pound."@en1
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