Farage has been noted for his passionate and sometimes controversial speeches in the European Parliament.... From taking office as a UKIP MEP in 1999, Farage has often voiced opposition to the "euro project". His argument is that "a one-size-fits-all interest rate" cannot work for countries with structurally different economies, often using the example of Greece and Germany to emphasise contrast. He predicted the need for bailouts before European Commission and European Central Bank officials admitted that these steps would be necessary. Specifically, Farage predicted that Greece, Ireland, Portugal and Spain would all require such assistance.[citation needed] To date, all of them have sought a bailout. Although Spain and Italy have both had indirect assistance from the ECB, whereby secondary government bonds are bought by the central bank, they are prohibited from purchasing new bonds. Farage warns: "You can ignore the markets if you want to, but in time the markets will not ignore you". Farage also reinforces Germany's argument that Italy "should never have joined the Euro".
Farage strongly opposes the use of bailouts and claims that "buying your own debt with tax payers money" will not solve the problem and that, "if we do, the next debt crisis won't be a country", "it will be the European Central Bank itself"
