‘Call it the Debt Union’ – Nigel Farage

www.ukipmeps.org ► European Parliament, Strasbourg-19 January 2011 ► SpeakerNigel Farage MEP, UKIP, Co-President of the EFD Group in the European Parliament (Europe of Freedom and Democracy) Blue card intervention: Olle Schmidt – Group of the Alliance of Liberals and Democrats for Europe ……………………………. ► Debate – Conclusions of the European Council meeting on 16-17 December 2010/2655(RSP) ► Transcript: Thank you. What is the most commonly used word in association with the euro? No, it’s not ‘failure’, though it could be. It’s ‘stability’ isn’t it? A decade ago everybody said, ‘once we’ve got the euro currency it will bring us stability. Well I would suggest, a decade on, that what it has brought is chaos, discord and misery for millions. And yet the word ‘stability’! Still being used – this morning Mr Barroso used it, Mr van Rompuy used it – ‘stability’ – in fact we’re patting ourselves on the back that the bond auctions in Portugal went well last week. Well the reality is, it was the European Central Bank actually using European taxpayers’ money to buy their own debt. Your reassurances that all is well don’t work. Who do you think you’re kidding Mr van Rompuy? Bond yields in Portugal rose to nearly 7 % yesterday. The public, right across the Union, no longer support the currency; and the battle for Spain hasn’t even begun. The model itself is failing and yet what you want is to double the size of the bailout fund. You even want to increase the …