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Ministers from several of the bloc’s 27 member states have launched several brutal attacks against the EU over upcoming budget plans, who fear it could pile billions of euros of debt onto their economies. On Wednesday, Finnish MEP Laura Huhtasaari launched into a blistering anti-EU tirade in the European Parliament, demanding the euro be abolished and raging: “I want my money back!”. The furious Finns Party member said: “I would like to congratulate Great Britain they just saved around €80billion.
“Soon no one in Britain will even dare to admit voting against Brexit.
“The European Commission proposal for a recovery fund is another step towards a centralised debt union.
“This proposal is illegal according to article 125. The Commission also wants the EU’s own sources of taxation passed in the member states.
“In the EU a large part of its economic problems would be reduced if the monetary union of the euro was dismantled.
“According to a study, Finnish exports would be 40 percent higher in their own currency. I want my money back!”
Italian MEP Marco Zanni lashed out at the “inefficiencies of the European Union” and launched into a scathing attack against Brussels’ apparent failing coronavirus recovery package.
He told the same European Parliament session: “We were told this week there would be a European Council meeting of which we already knew the conclusion.
“No agreement on the so-called recovery plan and probably a clash between member states.
“Well, this demonstrates the inefficiencies of the European institutions in providing a response to the crisis. The Commission made a proposal which was in itself highly inefficient.”
The Lega MEP and eurosceptic continued: “Three-quarters of the money only coming in 2023. Three years after the crisis broke.
“When businesses and workers had already lost their jobs.
“This is why the decision-making process in the EU is not fit for purpose.”
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The latest furious comments come after plans from France to cancel national debt to fight the economic impact triggered by the coronavirus pandemic was blocked by the European Central Bank (ECB), who fear members will turn their back on the euro.
Commenting on the fight against the economic consequences from coronavirus, the ECB warned “debt forgiveness is not an option” because “citizens would stop trusting the currency”.
Fabio Panetta, a member of the ECB’s executive board, told French newspaper Le Monde: “I hear the debate in France on the cancellation of debts held by the central bank, but this is not an option for the ECB.”
He added beyond the legal constraints prohibiting such a practice, “citizens would risk losing confidence in the currency” and that “would end in financial disorder”.
The ECB had already launched a pandemic emergency purchase programme (PEPP) worth €750 billion, with the package almost doubling by €600 billion on June 4.
Mr Panetta added: “We’re fighting against strong headwinds.
“So we need forceful measures to avoid the tightening of credit conditions, stabilise the economy and thus respond to inflation moving further away from our aim.
“At the moment, there is still a lot of uncertainty around how the public health and economic situation will develop. It would have been unwise to go for the ‘full monty’ –using our firepower to a larger extent – without a clearer picture.”
The ECB executive board member also defended the under-pressure euro, and called for the single currency to have a “bigger international role”.
He continued: “This has not happened because the institutional framework of the euro area is incomplete.
“To reduce the gap with the dollar and for all Member States to benefit from the euro’s global currency status, the euro area needs to offer international investors a common safe asset and deep, liquid European capital markets.
“It must also continue to react forcefully to crises, through policies designed for the benefit of the euro area as a whole.
“And we, as a central bank, also need to live up to our responsibilities, acting decisively as we did in this crisis, and providing a liquidity backstop to holders of liabilities in euro in phases of turbulence.”
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