Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-24-Speech-3-061"
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"en.20101124.6.3-061"2
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"Mr President, the European Council repeated the tired old slogan of the need to avoid all forms of protectionism and to avoid exchange rate moves aimed at competitive advantage.
The embrace by the European Union of globalism has made European countries prey to competition from emerging economies, especially China, with which we cannot compete. These economies show contempt for international patents and copyrights, they employ workers at subsistence, and sometimes slave labour, rates. China has set its currency at an artificially low level to make its goods cheaper still.
European countries must individually – my preference – or collectively protect their employers and employees from this unfair competition. While exchange rates should not be pegged at an artificially low level for competitive advantage, nor should they be kept at an artificially common level – the euro – to the collective disadvantage of eurozone countries. If currencies of failing countries had been allowed to fall in value, recovery would have followed."@en1
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