Earlier today I was due to speak in the Strasbourg Plenary session on ‘Sustainable finance’ but I was unable to attend due to events that transpired between UKIP colleagues.
Here’s the full text of the speech I was due to deliver:
When the EU uses the term “sustainable finance” one can be forgiven for thinking they’ve discovered an oxymoron.
There can be no sustainable finance in the EU for as long as the EU refuses to accept, confront and correct two fundamental, and related, problems.
First, the utter failure of the single currency project: the Euro is at the root of the Continent’s financial difficulties. It is based on a false assumption. The conceit that different countries, with different legal systems, different cultures and different economies, can all have the same credit risk for their government debt.
And second: the banking crisis, fed by the false assumptions of the Euro and maintained (and indeed enhanced) by the increasingly desperate attempts of the ECB to buy time for EU politicians to sort out the flaws in the single currency.
The ECB’s policy of purchasing government bonds (80bn Euro of them every month) is not sustainable. I can only suggest that you use the time remaining to plan for an orderly break-up of the Eurozone and set your countries free!