Jörg Meuthen
Economic and Monetary Union
European Parliament, Strasbourg, France,
June 12, 2018, P8 CRE-REV (2018) 06-12 (3)
[Jörg Meuthen is national co-chairman of the
Alternative für Deutschland and the lone AfD member in the European Parliament.
The no-bailout clause referred to is
Article 123 of the Treaty on the Functioning of the European Union: “Overdraft facilities or any other type of credit facility with the European
Central Bank or with the central banks of the Member States…in favour of Union
institutions, bodies, offices or agencies, central governments, regional, local
or other public authorities, other bodies governed by public law, or public
undertakings of Member States shall be prohibited, as shall the purchase
directly from them by the European Central Bank or national central banks of
debt instruments.”]
Herr President, Herr Commissioner, honorable colleagues.
We speak today concerning the European Monetary Fund which the [European]
Commission and some other notorious redistributionists want to create. You can
turn and twist it anyway you want: you have no legal basis for the fund in
[European] Union law. To be sure, in 2010 it would still have been a sensation
to proceed in the European Union without or even against current law. Then you
by-passed and broke the no-bailout clause. Today, in year 10 of the banking and
monetary crisis, observers are evidently long accustomed to the illegal state
of affairs. That is sad.
Your proposal for a European Monetary Fund also offends the German
fundamental law [Grundgesetz] as clearly analyzed last week by the Center for
European Policy. Money in urgent cases may not be granted without Bundestag
authorization.
Stop clinging to the fiction that government bonds do not come due and
that governments cannot go bankrupt! Stop your senseless, endless bail-outs! A
currency which must be perpetually rescued is not a viable currency. It does
not work – neither for one or the other. Admit it and finally derive the only
true consequences.
