European Union vital to Wales’ prosperity, says First Minister

A stable European Union is vital to the economic prosperity of Wales, according to First Minister Carwyn Jones.

In a speech in Cardiff on Wednesday about the relationship between Wales and the EU, he set out how Wales has benefitted from the UK’s membership of the organisation and called on all member states to take joint action for the greater good.

The First Minister said: “The Welsh Government is fully supportive of measures to improve the stability of the Eurozone; this is clearly in everyone’s interests. I urge Member States to show regard for the common European good while, at the same time, standing firm for disciplined financial management. The economies of Europe are deeply inter-twined: we must stand together and not retreat into recrimination and parochial self-interest.

“Many have noted that a new European Treaty may be required to put management of the eurozone onto a new and more rigorous footing. But now is not the time for a fundamental renegotiation of terms of membership, to seek repatriation of powers or add more instability into the mix. If there are questions about the UK’s interests to be addressed, this should be done in a measured and reflective manner, not during the heat of crisis. The EU model may not be perfect, but it offers many advantages.

“Indeed, the EU is of major economic importance for us in Wales. Quite aside from the funding we receive, the EU has removed trade barriers and so helped boost growth and create jobs. It has contributed greatly to our prosperity through the Single Market, and by removing other obstacles to trade and mobility.

“The other Member States of the EU form our biggest trade destination, with exports from Wales to this Single Market of around 500 million consumers totalling over £5bn. Even in these extremely challenging times, this level of activity supports over 150,000 jobs in Wales.

“It’s a moment of great crisis for the EU and – let’s be blunt – none of us know how things will play out. It’s a time for commitment and courage. The EU needs to build on its historic achievements, hold its nerve, show discipline and then rebuild for the future. Here in Wales we have our own challenges, not so different from those in other countries. Make no mistake, Wales is part of the wider picture and can’t be insulated from what’s going on. Our interest in Europe’s future is not theoretical, but practical and present.”