Mario Draghi wird bis zum letzten deutschen Steuerzahler für den Euro kämpfen.
Thank you, well I begin today on a happy note, to remember, that it is twenty years ago this very week that the United Kingdom, having been signed up by the Conservative government to the exchange rate mechanism, broke out of the exchange rate mechanism.
It was a great liberation for us and of course once having been bitten we didn’t join the euro project thank goodness. Sadly the same is not true for the rest of Europe and I thought through the last 18 months or so that the economic logic of why Britain left the ERM would apply particular to those Mediterranean countries and I foresaw that actually those countries would leave the eurozone, probably with Greece leaving this year.
But I now have to accept that I’ve been wrong about that, because I have totally underestimated the complete fanaticism, Mr Barroso of you, your college of commissioners and the European Central Bank.