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Early day motion tabled by primary sponsor Ian Davidson (Labour and Co-operative Party), on Wednesday, 11 December 2002, in the House of Commons. It is signed by 21 members in total.

PERFORMANCE OF THE EURO (No.3)

That this House notes the announcement on 4th December of the latest German unemployment figures for November, which show that seasonally adjusted unemployment has reached 4.16 million; further notes that this is the highest rate for five years; further notes that with the exception of one month, German unemployment has risen every month since the introduction of euro notes and coins on 1st January 2002; and believes this shows that the euro is not working.

Amendments

The Early day motion has received 2 amendments.

358A1
leave out from 'House' to end and add, 'notes that unemployment is lower in Austria, Ireland, Luxembourg, Portugal and the Netherlands than in the United Kingdom; further notes the erroneous claim by the 'no' lobby that the current rate of German unemployment is the highest for five years when the current rate as measured by the Bundesbank is lower than in March this year; further notes the significant and continuing trend of decline in the United Kingdom's trading performance which contrasts with the growth of trade between the euro-zone countries since the introduction of the euro in 1999; and calls upon the 'no' campaign to abandon its use of discredited Saatchi and Saatchi slogans and instead engage in an open and honest debate about the benefits to Britain of joining the euro in terms of increased trade, lower prices, sustained investment and increased prosperity and the long term damage of remaining isolated from our exporters' largest market.'.
358A2
leave out from 'January' to end and add, 'believes that making a comparison between unemployment levels in Britain and Luxembourg is not appropriate; further believes that a better comparison would be between Britain and Germany, France, Italy or Spain, all of whom have unemployment levels higher than the British figure of 5.2 per cent; further notes that the unemployment figures produced by the Federal Statistics Agency in Germany show that unemployment in November was 4.16 million whereas in March it was 3.98 million, using seasonally adjusted figures; and concludes that these figures demonstrate that the disadvantages to Germany of being within the euro would appear to be clear and unequivocal.

Secondary information

Type
Early day motion
Reference
358 
358A1 
358A2 
Session
2002-03
Subjects
Currencies Economic situation Germany Economic and monetary union Euro Unemployment
Link
View this Early day motion on www.parliament.uk