German Bundestag, Plenarprotokoll 19/230, pp.
29402-29403.
Herr President. Honored colleagues.
Despite its volume of billions and despite the big words
just heard, the ESM [European Stability Mechanism] is long since no more
the central support pillar of the euro rescue. There is meanwhile an 800
billion “Next Generation EU” program on the basis of an illegal EU indebtedness
capacity. Meanwhile there is the ECB [European Central Bank]’s gigantic loan
purchases as well as its likewise gigantic TLTRO [Targeted Longer-term
Refinancing Operations] – many billions each day.
The EU’s fiscal year budget today comprises over 400 billion
euros. The Target balances lie at over 1,000 billion euros and the ECB balance
was alone in 2020/2021 expanded a grotesque 3,000 billion euros. Against that,
today’s outstanding ESM credit of over 90 billion euros is almost negligible,
and I am with such words being circumspect in regards these great magnitudes.
By means of its aggressive purchase policy, the ECB lowers
to the null point the returns in the so-called free capital market. This
planned-economy interest Diktat has
extensive effects. It leads to a mis-allocation of capital, endangers the
purchasing power of savings assets and old-age provisions, it promotes the
over-indebtedness and zombie-fication of businesses and increases risks of
insolvency. Zero interest causes a formation of bubbles in all asset markets
and leads to a redistribution from poor to rich.
The fans of the EU scarcely appreciate this madness at the
cost of the German citizen, even though it certainly befalls the socially weak
for whom nevertheless only the AfD intercedes.
Christian
Petry (SPD): You yourself do not believe that!
The EU and ECB have broken practically all of their
contractual agreements. In that regard, the stability criteria of Masstricht
were once Germany’s condition of entry into the euro system. By means of green
loan purchases, the ECB is conducting a distinct economic policy. It thereby
acts counter to treaty and mandate.
Meanwhile the billions in common liabilities are
irresponsible and illegal on account of Article 125, AEUV [Treaty on the Functioning of the European Union], and
contradict the market economy principle of Article 119, AEUV. After over ten years of the destructive, long-term euro
rescue, it is time to strive for a change in the European money system, in which
each state will again be given back its monetary policy sovereignty.
Christian
Petry (SPD): Baloney!
Germany must prepare a plan for an exit from the euro
system, inclusive of the ESM – even when you scream against it. The planned
reform of the ESM nevertheless shows you all have striven to walk in the
opposite way into more centralism and planned economy. The principal goal of
the reform deliberated today is to give to the ESM additional surveillance
competences, as well as to create a kind of European monetary fund, and with
the aid of a supranational organization in the name of the EU conclusively
control democratically legitimated national budgets.
Eckhardt
Rehberg (CDU/CSU): Idiocy!
The ESM alterations are a further step in keeping
artificially alive a currency dysfunctional for ten years by means of an
expansion of the competences of its central planning organ. Other than the AfD,
this appears to no longer disturb anyone, not even the FDP. You analyze and enhance
preferably in the fine print, because it in secret fully shares the course of
the EU socialists, as was most recently shown when the FDP voted in favor of
the dam break of EU indebtedness.
Bettina
Stark-Watzinger (FDP): Boring!
The euro was introduced with promises. Prosperity was
promised us, yet we had prosperity. Peace was promised us, yet we had peace. It
was said that the euro would be a stable currency, yet we had the world’s most
stable currency. A withdrawal from euro and ESM would make possible the
re-animation of a European economic community with its stable system of a flexible
ECU [European Currency Unit] exchange rate. That would have almost only
advantages for Germany. The substantial increases in purchasing power would be
especially to the good of lower-income classes as well as of recipients of
social aid and pensions. In case Germany on the contrary remains in the euro,
the divide between poor and rich will open ever further. Do we want that?
Thank you for your attention.
Lothar
Binding (SPD-Heidelberg): Previously, that was quite otherwise!
[trans: tem]
