Speech to Parliament 29th Sept 2011 Debate; European Globalisation Adjustment Fund.

The EGF was invented to persuade member States to adopt Lisbon without national referendums, but this expensive project has insufficient checks.

In Antwerp General Motors claimed 9.5 million euros  from the EGF, their redundant workers got 150,000 euros each, and then some found work with Volvo nearby.

Of the 5 countries with negative growth 3 have put in no claims while stronger economies have, with Denmark, the Netherlands and Austria leading the way, several more this week.

Many firms are closing due to the trade moving to the far East. Glasfibre in Denmark closed because their manufacture of Wind Turbines moved to China.

This does not happen just because Chinese workers are low paid, indeed in the House on Tuesday the Commissioner discounted that. More to the point, he said, was that China's Central bank set their own interest rates while their exchange rates made their products more attractive on world markets.

                  

EU manufacturers will struggle on world markets if Euro membership makes their product too expensive. Ask Greece.

Derek Clark   MEP                       Strasbourg   29th Sept 2011