Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-11-23-Speech-2-133"
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"en.20101123.33.2-133"2
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"Mr President, we can see the way in which the Irish Republic has been brought to its present predicament by the euro. As early as 2001, Irish economists were alarmingly warning that Ireland desperately needed to raise interest rates to choke off the unsustainable boom. But of course, there were no Irish interest rates; there was only the European Central Bank, which, by giving the core members what they needed, was giving the peripheral members a double dose of what they did not need, namely, artificially cheap money.
The problems of Ireland are going to carry on for as long as it is in the single currency. The bailout may allow it to limp on until the next time that its monetary policy needs to diverge from those of the rest of the eurozone. It is crazy, at a time like this, when my own country already owes GBP 850 billion, that we should be borrowing another GBP 7 billion to send to Ireland. That money will not only be useless, it will be actively harmful because it will trap the Republic of Ireland in its present discontents.
If we want to be helpful, we could offer our friends and neighbours the far more immediate and practical assistance of allowing them a temporary currency union with sterling, allowing them to treat their loans as being denominated in pounds, and allowing them then to export their way back to growth."@en1
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