Oct 24 2002
The Euro will hand control of the economy to undemocratic European Union institutions, says Leicester Green Party, and this will speed up the process of economic globalisation. The Green Party is campaigning for communities and local governments to take greater control of their own economies.
The Green Party is a leading member of the NO Campaign to fight the UK adopting the single European currency, the Euro.
'Many people are surprised that the Greens oppose the UK's entry into the Euro' said Green Party spokesman Bob Ball. 'The Greens are not flag-waving Little Englanders but progressive internationalists. The Euro is not progressive. The Single Currency will make recessions worse. Millions of Europeans will be trapped with the wrong interest rate. An interest rate that is too low will trigger inflation; too high, deflation and recession. The lessons of the Exchange Rate Mechanism (ERM) should not be forgotten.'
'The European Stability and Growth Pact, which lays down rigid rules for countries using the Euro, is in crisis', he continued. 'It may really come down to a choice between investment in schools and hospitals or the Single Currency. We cannot afford both. Britain will be better able to establish a sustainable economy outside the Euro.'