European Union (Approval of Treaty Amendment Decision) Bill [Lords]

Debate between Julian Lewis and Kelvin Hopkins

Monday 10th September 2012 Commons Chamber

[Kelvin Hopkins]

I stand corrected, but George Soros leaves open that possibility of leaving, and by talking of Germany leading he presumably means the country putting vast amounts of German funding into saving the euro.

Others have also been looking at the future of the euro—which I think is doomed. There was an interesting article by Anthony Hilton in last Tuesday’s Evening Standard. He said that, in a sense, the euro is already dead, because a genuine currency has a number of features. It should be a medium of exchange, and some people are starting to mistrust it as a medium of exchange and want to be paid in other ways. Indeed, some economic advisory bodies are advising their clients not to accept especially long-term payments in euros, but to accept other currencies—sterling or dollars, for instance. That is understandable.

Currencies should be a store of value. Even Greek politicians, as I understand it, are buying gold because they do not trust the euro. Greek people do not want their euros to be devalued into drachmas overnight, so quite sensibly, they are buying gold. Trust in the euro as a store of value is dying by the day; so, let us wait a little. This could all happen very quickly, of course. It could happen over 10 days or over a year, but at some point a decision will be made that the euro is no longer going to function.

[Dr Julian Lewis]

Is not the real choice that is going to have to be faced that the euro will be dismantled in an orderly way, or will collapse in a disorderly way? Is not the danger that we feel that we cannot be seen to be sabotaging this project, in which so many of our colleagues in the European Union have invested so much energy and treasure, and yet, by not speaking the truth about the matter, we are making more likely a disorderly collapse, rather than orderly dismantling?