Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-04-17-Speech-3-600-000"

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"en.20130417.105.3-600-000"2
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"Mr President, this relates to the Hübner report. I voted against this report because of the particular problems it poses for the UK, which was the only one of the 27 Member States which had no legal obligation to abandon its currency – sterling – in favour of the euro at any time in the future. The report suggests transferring an outstanding EUR 10 billion from the discontinued EFSM to the balance of payments facility. The EFSM is described in the report as if it were real, tangible money, and this is not the case. The EFSM is a notional amount based on borrowing secured against the EU budget, to be drawn upon as and when necessary. It is therefore inaccurate and misleading to say that there is EUR 10 billion sitting idle. Notwithstanding this, I believe that money committed by Member States that has not yet been used for bail-out funds should be returned to the Member States. I understand that there may be a case for retaining funds in respect of countries signed up to join the euro at some time in the future, but this is not the case for the UK."@en1
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