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Eurozone "A slow-motion train crash"

Tuesday, 13th January 2009

On Tuesday Jan 13th, the European parliament in Strasbourg will conduct a formal, set-piece debate to celebrate ten years of the euro currency, in the presence of the Commission and the Council. In this debate, there will be only one speaker per political group -- fewer than ten MEPs in all. East Midlands Conservative Roger Helmer has secured the one-minute speaking slot for the Non-Inscrit group. He will be the only British Conservative to speak in the debate.

He will describe the single currency as "a slow-motion train crash". He will draw attention to the acute strains in the euro-zone, where the imbalances long predicted by sceptics are starting to bite. He will argue that "the competitiveness of the Italian economy has been shot to pieces"; that recent unrest in Greece can be attributed to unemployment caused by an over-valued euro; and that Spain's experience of the euro has been "like the Bull in the Corrida: proud and strong at the start: bleeding to death on the sand by the end".

Commenting on his speaking opportunity, Helmer said: "Most of the speakers will be congratulating each other on the 'success' of the euro, and perhaps doing some nervous mutual reassurance as they look over their shoulders at the global financial crisis. It is important that at least one MEP should actually get up and tell it like it is. I am happy to volunteer for the task".