From the way in which the debate has been conducted, I have the gravest doubts whether that point is fully appreciated and understood. I would go further and say that the idea of our handing over those powers—the right of decision and the freedom of choice of our voters —to other arrangements would create a completely new dimension, which would break down the basis on which our democratic system operates.
It is a snare and a delusion that the transfer of powers could, in the context of the European Parliament, be conducted by such remote-controlled methods as having people from the 12 member states—it is intended to increase the number of member states possibly to 20 or 35 —sitting in chambers, all with completely different languages and not being able to debate matters as we do in the House but by reading out almost set speeches, and thus provide the democratic cohesive force for the people of Europe.
The whole system would collapse—not only would monetary union collapse, but the democratic system would not bear it. It would not be a proper democratic system. It would be a camouflage, it would be cosmetic and it would be an invitation to authoritarianism, partly because the powers would be conferred on unelected bankers, partly because the monetary union would collapse and partly because there would be no sufficient democratic system to sustain decisions. It would be an invitation to a form of fascism.