The European Union launched a major project to harmonise the economies of its member states in 1992 which concluded with the adoption of the euro i
The European Union launched a major project to harmonise the economies of its member states in 1992 which concluded with the adoption of the euro in over half its members. But Finnish MEP Laura Huhtasaari pointed out a key weakness of the eurozone as she accused Brussels of “breaking the rules” to protect it. Asked about the major flaws she could identify in the EU monetary union, Ms Huhtasaari told Express.co.uk: “First of all, the euro would not even exist if we had not broken the rules.
“It was built wrong, the EU knew that they lied and building up this monetary union…only idiots build up a monetary union with these different countries. Different economies and different ways to do things.
“Monetary unions in history, they have not existed very long without a federal state and that’s why, if you want to have a monetary union, you should have a federal state and after that build a monetary union. Not before.
“That’s the main reason. Especially in Finland, because we are the only northern country in the monetary union so asymmetric shocks, they will come.”
Ms Huhtasaari also savaged Brussels over their attempts to have member states agree to a recovery fund she claims would breach a key tenet of the Treaty on the Functioning of the European Union (TFEU).
JUST IN: Brussels terrified that WTO delay undermines bloc in tariff battle against Trump
The Finnish MEP continued: “You don’t want to pay other country’s debts.
“Right now, the corona package is using Finland’s credit rating and then we pay back the debt together, which is against the treaties, Article 125.”
Article 125 of the TFEU, the EU and its member states have no obligation to assume the commitment of either national government or central banks of other member states if they incur in financial trouble.
The article states: “The Union shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project.
READ MORE: Prime minister candidly reveals the key reason for cancelling wedding to attend EU summit
Under the blueprint causing division among members, President von der Leyen proposed a joint debt mechanism to raise €500 billion on international markets before being distributed in the form of grants.
Another €250 billion will be dished out to member states in loans to help pay for economic impacts of their crippling lockdowns.
The cost of the debt would be shared across the bloc and be paid back with vast hikes in national contributions to the EU’s seven-year budget.
With the cost of the rebuild not expected to be paid back until 2058, future generations will be left forking out for the Commission’s plans for generations to come.