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 Full text 
Tuesday, 16 July 2019 - Strasbourg Revised edition

Situation in Venezuela (debate)

  Robert Rowland (NI). – Mr President, the situation in Venezuela today is an example of what happens when a socialist ideology is pursued to its logical conclusion and why it must be defeated in Europe. What I find so disturbing this morning, listening to the MEPs from the left, is how they think a socialist agenda of more regulation, more central planning and more bureaucracy leads to an economic utopia. As an economist, I can tell you that these ideas are both deluded and misguided. Far from giving more personal and economic freedom, the ideas I heard this morning do the complete opposite. In the words of one great Austrian economist, Friedrich Hayek, it will lead down the road to serfdom.

Venezuela provides a reminder of how undiluted socialism works out: a brutal economic crisis marked by food and medicine shortages, along with the world’s highest inflation rate of over a million percent. The nation’s economy, which has already contracted by half in recent years, is expected to shrink by another 25%. By intervening, you may feel better by showcasing your political virtue but you most assuredly will not be helping the courageous opposition leader, Juan Guaidó, and his supporters.

(The speaker agreed to take a blue-card question under Rule 171(8))

Last updated: 12 September 2019Legal notice