Thank you Madam Speaker, Members of the House, The Judging Panel, ladies and gentlemen, my distinguished opponents, this evening I stand confident and convinced on a European level in proposing the motion that this house truly believes that there can be No European Union without a monetary union. I shall focus on the social aspects that prove that this motion is correct. This will leave you in no doubt ladies and gentlemen that the opposition are ill-informed and do not appreciate
• The importance of EMU
• The overall stability and growth of the European economy
• And finally the overall success of European integration
As my colleague Paul has highlighted, the creation of the EMU is one of the most far reaching steps in the history of European Enterprise. The single currency has contributed to a greater sense of common purpose and endeavour among the European people. It has strengthened the European identity in a European union that is characterised by great diversity.
Ladies and gentlemen, let us not forget the first European Community enlargement took place in 1973, producing perhaps what is the most successful story of all: The rise of Ireland from being one of the poorest countries of the EC to the second highest GDP per capita.
And yet in the same year Europe was being hit by a severe oil crisis, followed by continental recession - to which member states responded only by further strengthening their economic cooperation and their ambitious plan for a single currency.
Need I remind my respectable opponents that the euro has world stage recognition as an international currency?
The euro, Members of the House is among the strongest currencies in the world, alongside the US Dollar and the Japanese Yen. It has soon become the second most important reserve currency after the US Dollar. Britain stands to lose political as well as economic influence in shaping future European economic integration if it remains outside a new system.
The euro after its launch immediately became the world's second leading international currency. Nevertheless, there are a number of factors that support the usage of the euro as an international currency.
1. The large size of the euro-area economy.
2. The economic and social stability attached to the euro, which reflects the sound economic fundamentals in the euro area under the policy framework of EMU.
3. The ongoing integration of national financial markets in Europe into broad and liquid European financial markets.
May I inform my worthy opponents that the euro is used beyond the EU states and has been adopted in 3 states that are actually not part of the EU; the Vatican City, San Marino and Monaco!
Several other countries have officially adopted the euro as their sole currency- Andorra, Kosovo and Montenegro without even an agreement. Other countries display trading prices in national currencies and euro prices as far as Africa: Equatorial Guinea, Madagascar, Surinam to name but a few!
May I remind my fellow opponents that it was actually Winston Churchill that planted the seed in 1946 suggesting the creation of then the “United states of Europe”? Although his goals were merely political, he had hoped that a unified government would bring together a continent that had been torn by the war. I am well aware and am sure Members of the House will agree with me that economic integration is not an end in itself but a means to an end.
More than half of Britain's leading retailers and Supermarkets have said that they will accept the single currency in the near future. Customers will be able to pay in euro and get change in sterling, including as Marks & Spencer, WHSmith and Safeway,
Some retailers have had to be prepared, leading supermarkets like Sainsbury's, ASDA and others have even introduced trolleys with euro coin slots.
Whilst my Opponents may ask- Is the euro popular?
I stand to say that the opions vary from state to state: recent research shows public opinion in
Finland is split nearly 50-50
68% support in Spain
72% in Ireland
75% in Belgium
83% in Italy
And lately Denmark 50%.
I might enlighten my opponents that even though Denmark opted out of the euro during the Maastricht treaty, the current Danish government has actually announced to hold a referendum on the issue following the adoption of the Lisbon Treaty. This has obviously come as a result of Denmark’s current financial turmoil.
A currency is like a Language.
The euro has become a symbol of integration and a voice in uniform in terms of social and economic decisions in the IMF meetings. In 2008 in Brussels, Jean-Claude Junker the president of the euro group stated that the EU member states using the euro should speak with one voice and be represented by one seat in the International Monetary Fund meetings in order to be more credible.
However Members of the House, it is important to note that some of the highly populated countries in the world,for example, People’s Republic of China, India, Indonesia, United States, exhibit large intra-regional income differences within them. Yet, each of these countries uses a single currency. The single currency is a political symbol of integration! Yes we are aware that it is a political process achieved through the means of economic integration.
Members of the House, Madam Speaker and my opponents, we are all aware that Greece is facing social and economic difficulties; this crisis has given momentum to calls for a even more integrated euro zone. Extreme measures have been taken on board with proposals for a common financial ministry for the euro-zone which would manage member states debts, a creation of a European version of the IMF so that IMF style resources and expertise can be used while solving economic problems within Europe.
As the French president recently sated in regards to France standing by Greece, Members of the House, the euro is our currency and implies solidarity!
Cohesiveness
Members of the House I cannot over emphasis that EMU promotes peace!!
It is a well known fact that countries that trade together do not wage war on each other. As Paul stated earlier, the whole idea of integration Members of the house was to prevent war within the union war. If EMU promotes intergration which results to a peaceful and a happy trade then this means peace throughout Europe.
• EU governments and institutions have transformed from a common market of 6 countries into a union of 27 with a population of over 500 billion (which is 7.3% of the world’s population given that the EU covers only 3% of the earth).
• It is the largest trading bloc accounting for over 30% of global trade with a combined GDP well ahead of the States in 2008 only. (Intra EU-trade alone on EU’s share of world trade imports and exports alone)
Ireland’s Policy on EMU
Last but not least I hope that my ill-informed opponents are aware that Ireland fully supports the process of European integration. Ireland's policy has always aimed at being eligible to participate in EMU from the outset.
If I can take you back -since, (my opponents) they appear to lag behind- to a statement issued by the former Taoiseach, Mr Bertie Ahern, in May 1998, which he emphasised that the Irish Government's is fully commited to continuing stability achieved through economic and budgetary policies.
Ireland’s involvement in the EMU membership is essential to our ability to attract Foreign Direct Investment (FDI) and has made significant strides in complying with the Maastricht conveyance criteria.
I feel that I need to tell my honourable opponents that people think it is holding on that makes you stronger, but sometimes it's letting go! They need to be aware that Europe spent several decades in experimenting with regional monetary cooperation before adopting a monetary union. The single currency is a symbol of peace through integration, a symbol of solidarity! I invite you to cross over- and join Tim, Paul and I- as we await to welcome then with open arms in proposing this motion!
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