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The euro is a currency in search of a state
Date 13/12/2013 15:47  Author webmaster  Hits 2438  Language Global
When you look at the consequences of the euro, ask the simple question – who has gained and who has lost?

By UKIP leader Nigel Farage MEP

Greatly divergent economies cannot be held together in a single currency union, and it is blatantly clear that the Eurozone is not an optimal currency zone. Holding the economies of Greece and Germany for instance in a currency union is like holding two melons together in one hand.

The euro was adopted for reasons of political ideology of EU centralisation and is regarded as sacrosanct by those fanatical federalists who proposed it. However from an economical and financial perspective it is indefensible.

It is almost as if the euro was purposely misconstructed from the beginning in order to engineer a financial crisis. Never ones to waste a good crisis, EU centralisers could then use it as an excuse to demand more power for Brussels and Frankfurt.

When you look at the consequences of the euro, ask the simple question – who has gained and who has lost?

It is the unelected bureaucrats of Brussels and Frankfurt who have gained power while it is millions of ordinary people in Greece, Spain, Portugal, Italy and Ireland who have lost their jobs, their wealth and their hopes.

It was inappropriate interest rates in Spain and Ireland for instance, allied to free-for-all migration, that led to a building boom which ended in an inevitable bust, and mass unemployment.

Last year, European Commission President Barroso set out his ‘Blueprint for a deep and genuine Economic and Monetary Union’.

The Commission President proposes "a full banking, fiscal and economic union" and a comprehensive overhaul of the treaties. Of course, no referenda on any of this.

Their idea of setting out 'contractual arrangements' between financially distressed Member States and the Commission really means that all future elections in these states would be irrelevant.

It is a very sad day on the continent where democracy was born.

My old friend Hermann Van Rompuy was once Prime Minister of Belgium, a failing state if there ever was one. One of the main difficulties is that the different peoples in the state of Belgium cannot agree the transfer of taxes from prosperous Flanders to poorer Wallonia. If Mr. Van Rompuy cannot ensure the large-scale transfer of taxpayers' money from the North to the South of Belgium, why are we surprised when it does not work for the transfer of taxpayers' money from the countries of Northern Europe to Southern Europe?

The euro has not worked, and in its current form it will not work. It has helped lead to the destruction of nations' democracies and once flourishing economies. The sooner people take back their national currencies the better for all of Europe.

Read out during the conference “To die for the euro?”, EFD group, European Parliament, Brussels, 03.12.2013