Debates in Parliament - 8. Session 18. Juli 96 Topic 3
Paper of the Faction Republikaner No.12/19

Automatic Entry into the European Monetary Union
Speaker Wolf Krisch Republikaner

Brief Translation of the Debate :

Wolf Krisch Republikaner:
Beware the automatic entry into the European Monetary Union.

Despite documentation to the contrary, the Minister of Economics declares - against better knowledge - that there is no such automatic entry.
The European Council in the Madrid Meeting has agreed to select the participating members for the 3rd stage of the EMU in spring of 1998 on the basis of economic data from 1997.
Should this be impossible, according to art. 109j section 3 of the common market agreement automatically the 3rd stage starts on Jan. 1 1999.
This means: an automatic entry exists.
Hence there is a contradiction between the fulfillment of the criteria of convergence and the agreement to start the 3rd stage of the EMU.

This agreement will cannot be changed by a German court.
Neither can a German court opt for a second opinion since that has been omitted in the common market agreement.
This differs from the right to opt-out, which the more intelligent British and Danish poli-ticians have included in their agreements.

Even worse:
The decision which countries may enter the EMU will be decided with a majority deci-sion.
Hence Germany can be forced to enter the EMU even against a German decision.

German politicians claim that the criteria of convergence are "proof" for the stability of the Euro. This is a fallacy.
These criteria will be decided in the Länderberichte der Kommission - the commis-sions reports on member states - and those do allow for tremendous leeway.
It can be assumed that political considerations rather than economic reasons will be the deciding factors.

A nation that surrenders its Währungshoheit - the right to its own currency - cannot any longer make its own economic policy and cannot any longer guarantee prosperity for its own citizens.
The advocates of the Euro are not honest.
They refuse to explain to their citizens how the participants in the EMU are selected.

To participate, a country needs according to art. 148 Common Market Agreement a total of 62 out of 87 votes.
The controlling minority is 26 votes.
Greek, Italy, Portugal and Spain have 28 votes.
They can block all decisions.

And they will use this power to either soften up the convergence criteria so that they too can join - or they can use this power to claim and receive other special benefits.
This political and financial price will be paid by Germany.
Should this happen, the scandalous procedure at the signing of the Maastricht Agreement will be repeated. At that time some countries managed to have their vote for Maastricht paid for by a special "Kohäsionsfond" - cohesion fond -.
This "vote against cash" at the start of a new era is an ill omen for the future.

A strict application of existing criteria means too few countries can join the EMU - making this EMU a danger for European Unity rather than an asset.

Note: this brief translation does not bring across the full intentions of the Land-tagsfraktion Die Republikaner, but may serve as a position paper.

More and fuller information is contained in the brochure
Die Europäische Währungsunion
of the Landtagsfraktion Die Republikaner