PERFORMANCE OF THE EURO (NO.5)

Early day motion 514, tabled 14 January 2003 by Ian Davidson (Labour/Co-operative). Signed by 28 members.

That this House notes the announcement on 9th January from the German Federal Employment Office of the unemployment statistics for December, which show that unemployment has risen by 199,300 making the total number of unemployed 4,225,100; further notes that this is over a quarter of a million more than at the same time last year and takes the unemployment rate beyond 10 per cent. to 10.1 per cent. all these figures being before seasonal adjustments are made; further notes that the seasonally adjusted unemployment figure rose by 28,000 to 4,197,000; further notes that, using seasonally adjusted figures, unemployment has risen every month apart from one since the launch of euro notes and coins on 1st January 2002; believes that if Germany had the ability to set its own interest rate and public spending targets it would be in a much stronger position to tackle its key problems of near stagnation and unemployment; and further believes this shows, clearly and unequivocally, that the euro is not working.

Signatures by party: Labour 20, Conservative 4, Labour/Co-operative 3, UUP 1.