Nigel Farage - Views On The Euro

Views On The Euro

From taking office as a UKIP MEP in 1999, Farage has often voiced opposition to the "euro project". His argument is that "a one size fits all interest rate" cannot work for countries with structurally different economies, often using the example of Greece and Germany to emphasise contrast. He predicted the need for 'bailouts' before European Commission and European Central Bank officials admitted that these steps would be necessary. Specifically, Farage predicted that Greece, Ireland, Portugal and Spain would all require such assistance. To date, all of them have asked for a bail-out. Although Spain and Italy have both had indirect assistance from the ECB, whereby secondary government bonds are bought by the central bank, they are prohibited from purchasing new bonds. Farage warns: "You can ignore the markets if you want to, but in time the markets will not ignore you". Farage also reinforces Germany's argument that Italy "should never have joined the euro".

Farage predicts that if the situation continues it will lead to violence due to the people's inability to "determine their own futures through the ballot box" as it will become the only "logical" tool to enable them to escape from their "economic prison" i.e. the Eurozone. He proclaims "I can only hope and pray that the euro project is destroyed by the markets before that really happens."

Farage strongly opposes the use of 'bailouts' and claims that "buying your own debt with tax payers money" will not solve the problem and that, "if we do, the next debt crisis won't be a country", "it will be the European Central Bank itself".