Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-04-15-Speech-2-028-000"
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"en.20140415.6.2-028-000"2
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"Madam President, the proposals before us today are inadequate for the eurozone and inappropriate for the wider EU. Without a joint deposit guarantee scheme for eurozone banks there is no proper banking union at all. Understandably, the Germans do not want a joint scheme, because they would end up paying for the profligacy of eurozone banks in other countries.
Likewise, we in the UK cannot watch the City of London – a global banking hub – be trammelled by the EU’s hopelessly complex and time-consuming requirements. But there is a broader problem: a series of measures – bailouts, haircuts, banking regulation – have been applied to the euro crisis, but they are no more than sticking plasters. The underlining cancer is the euro itself: a failed political project that never made economic sense. The hubris and obstinacy of elderly EU leaders, their refusal to face the collapse of their flagship project is devastating the economic prospects of a young generation across southern Europe. They have suffered enough; it is time to dismantle the euro."@en1
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