THE DEPARTMENT of Finance and the ESRI “need to look at their forecasting mechanisms”, Labour deputy leader and party finance spokeswoman Joan Burton said at the Humbert School over the weekend. “There is something fundamentally wrong there,” she said.
Also, where the Department of Finance was concerned – and emphasising that she had “no doubt about the general patriotism, goodwill and concern for Irish prosperity” there – she said “they do not have the technical competence” to deal with current demands.
Agreeing with this, MEP Jim Higgins recalled how in his days as a minister of State he was “agog at the level of professionalism and expertise in the department (of Finance). They kept a very tight rein” but that “it has gone way back in terms of competence”.
Ms Burton said “it has been infuriating, as the economic crisis has unfolded, to watch how public opinion has been coaxed to accept as normal many things that would have been classed as entirely unacceptable just two years ago. Now that the nightmare of mass unemployment has become a reality for hundreds of thousands of our people, the powers that be in Merrion Street seem to feel absolutely no sense of urgency.
“As hopes are destroyed, as small businesses are driven into bankruptcy, as lives are ruined, they just shrug their shoulders and say, never mind, let’s focus about the evils of budget deficits and plan a further bail out of Anglo and Nationwide. It is rank hypocrisy of the first order.”
She also felt that “in Ireland today, many self-described deficit hawks are pure hypocrites. They’re eager to slash benefits for children, for patients, for pensioners. But their concerns about red ink on the exchequer returns suddenly vanishes when it comes to keeping tax breaks for the wealthy and saving the Anglo Irish incinerator.”
For his part, Mr Higgins said he didn’t believe “the EU as currently structured could survive a collapse of the euro. He recalled that Dutch bank ING had warned that “a complete break-up of the euro zone would put the cost of the Lehmann brothers’ fallout in the ha’penny place.” He also said “there is no justifiable case for the State’s continued support of Anglo.”
He noted that next month the EU Commission would decide whether to allow Anglo Irish Bank continue to exist as a financial institution. He had written to commission president Barroso “urging that the commission not approve the continuation of Anglo Irish as a financial institution”.
