Trevor Colman (NI). - Mr President, in the history of the world there has never been a successful imposition of monetary union. Each and all attempts have failed. Today we are witnessing such a failure taking place in the eurozone. The political elites of Europe, including those in this House, dare not admit that what they have introduced is failing, even when membership of the eurozone is increasingly damaging the infrastructure of Member States. This arrogant indifference, together with growing disenchantment by the peoples of Europe, is a dangerous brew and is leading to public disorder. More will occur.

The European Union exists on the maxim that every problem merely requires more Europe when invariably it requires less and less, or none at all. The option that Member States return to their own national currencies is never considered, even when it obviously is the correct and only course of action.

The single currency contains the seeds of its own destruction. Already it is causing hardship and the breakdown of society. It is long overdue that this House recognise this reality and place the welfare of the peoples of Europe above misplaced political ambition.