UKIP MEP blasts Eurozone bank chief's "breathtaking arrogance"


East of England MEP Patrick O'Flynn today accused European Central Bank boss Mario Draghi of displaying contempt for democracy during an appearance before the European Parliament`s Economic Committee on Monday evening.

Mr O'Flynn said: "On a technical level, Mr Draghi gave a reasonably impressive performance. But two huge problems were revealed.

"The first is that he is kidding himself about the relative economic performance of the eurozone, which remains in the doldrums because of basic design flaws.

"The second is that in seeking to make this deeply flawed project function, Mr Draghi is ready to sacrifice the remnants of national democracy in its member states.

"He told us that he supports 'common governance over structural reforms' and he later made clear that such structural reform would not only include labour market issues, but also judicial and educational reforms.

"He likened the need for common structural rules for eurozone members to the single currency's rules on public finances for its members.

"This means he is proposing a further drastic reduction in democracy across the eurozone in order to try and make its disparate economies hang together.

"He has clearly decided the right ratio of countries to currencies is one to one and is therefore now going about trying to turn the eurozone into one country with one government.

"He is right that one country to one currency is the right ratio, but the way to get that is for each nation to have its own currency and ensuing flexibility over its own monetary policy.

"On present trends the prospects for the southern European eurozone members remain bleak and if Mr Draghi has his way there will be nothing their citizens can do at the ballot box to break out of the deflationary spiral he is putting them into. It is a chilling prospect."

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