Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-23-Speech-3-118-000"
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"en.20110323.17.3-118-000"2
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"Mr President, so the European Council will adopt the decision to amend the Treaty with regard to the European Stability Mechanism, but will allegedly help countries stay inside the eurozone. Of course it will fail: not for want of money being thrown at the problem, but because the problem is endemic. This is a mechanism that will try to make water flow uphill!
The external value of a country’s currency should reflect the demand for, and supply of, its currency which of course should then reflect the demand for its exports, visible and invisible, and the demand for its imports, visible and invisible, as well as capital movements.
The same currency value cannot possibly reflect the economic conditions in 17 different countries. Far from needing a mechanism to keep failing countries inside the eurozone, we need a mechanism to rescue them from it. Even those countries that have seen successes in the eurozone will be better off outside with revalued currencies."@en1
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