De Jong: debate on the Euro’s future has been thoroughly undemocratic

18 January 2011

De Jong: debate on the Euro’s future has been thoroughly undemocratic

The European Commission is refusing to allow research to be conducted into a range of possible scenarios for the future of the Euro, despite the fact that the emergency fund to which every Dutch citizen has already contributed an average €2,000 will shortly be increased. SP Euro-MP Dennis de Jong describes this course of events as ‘thoroughly undemocratic’: ‘The public has the right to know what is going to happen to their money,’ he says.

According to De Jong there are certainly more possible scenarios than maintaining the existing Eurozone at all costs. ‘If the money from the existing emergency fund were to be fully used, this would mean that every Dutch citizen would be paying in €2,000. It is not certain whether this money will ever be paid back. You can really only ask for such a sacrifice if the public understands all of the possible alternatives, including for example splitting the Eurozone into a stronger and a weaker section.’

Commission attitude uncalled for

De Jong: ´I have requested the Commission in a series of written questions to set out the advantages and disadvantages of all possible scenarios. All I have had for an answer is that there is no Plan B for the existing Eurozone and that there is therefore no need for a debate. The certainty with which the Commission talks about its recue plan stands in stark contrast to the increasing number of financial institutions, as well as for example the Dutch pension fund, all of which are indeed talking about a range of scenarios. The biggest investor in European bonds, Pimco, and a growing number of economists are urging the adoption of a Plan B for the Eurozone.’ The European Commission’s certainty is, in De Jong’s view, therefore misplaced.

De Jong believes that the Commission and the heads of member state governments are hiding their heads in the sand with their refusal to consider different possible scenarios, such as the division of the Eurozone into a stringer and a weaker section. ‘Sticking doggedly to ever greater steps towards a European economic government with an ever-increasing rescue fund and at the same time leaving the public and the European Parliament uninformed over the advantages and disadvantages of this decision is in reality to exclude any kind of democracy. ´

The special committee established by the European Parliament to look into the economic crisis has not been willing to sit idly by and allow this undemocratic behaviour to continue. This coming Thursday will see a further meeting at which the subject will be discussed. In addition, De Jong has reached an agreement with the rapporteur that extensive attention will be paid in her final report to the lack of any democratic decision-making regarding the Eurozone’s future.

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