1st October 2010
The EU is renowned for trying to crack a nut with a sledge hammer, and the latest economic proposal to come out of the European Commission is no exception.
Their latest plan is to fine any country that doesn’t conform to a 3% or less budget deficit or who doesn’t take steps to reduce their national debt to under 60% of GDP.
This proposal has been spawned out of a need to protect the strength of the Euro by punishing those that run up debts and threaten its stability. The problem is that the EU wants to extend this power to punish countries that aren’t members of the Euro.
If the countries within the Eurozone wish to impose economic sanctions on each other then they should be free to get on with it, however unwise those proposals might be. However, to extend these sanctions to countries outside the Euro club is ridiculous.
As a member of the Economic and Monetary Affairs Committee I can assure your readers that I will oppose these plans.
Ashley Fox MEP