Sir, – At a time when so-called “celebrity” columnists and economists are producing so much nonsense on the current euro crisis, how refreshing it was to read Stephen Collins’s magnificent article “Whatever price we pay to keep the euro it’s worth it” (Opinion, December 3rd). Let us hope that our politicians, commentators and economists carefully read and absorb this wonderful analysis. Keep up the good work! Yours, etc,
Sir,– Is there anyone left in Ireland who truly believes in the European political project? The idea that we might have a common destiny, that Europe might need to consolidate and integrate in an increasingly globalised world? The debate in Ireland seems to be defined by egoistic and local interests and the bottom line is something like this: we want 2007 back.
In most of the rest of Europe, there is still is genuine belief in the idea that increased integration might offer better economic and cultural perspectives for all Europeans together. The proposed treaty changes are unstoppable – they implement the sort of rules that should have been in place before the euro was introduced. Ireland is sure to vote against and that signals the end of Irish participation in the euro.
So maybe it is time to think through all of the consequences and to seriously plan for the punt nua? Leaving the euro could be combined with default, either abruptly or coldly, as the punt would devalue rapidly. Ireland could then go back to being a sovereign nation on the fringe of Europe, poor but proud, as in all of our history.
Maybe that is the collective unconscious of the nation, something that the Irish soul really wants? I suggest an entirely utopian counter-measure: that ordinary Irish people be obliged by law to spend a month living as guests of ordinary families in the non-tourist parts of Europe: in rural northern Germany, or rural France, or Italy, or Spain, or Portugal, or Poland or Slovenia. Perhaps that would instil a sense of realism through awareness how the rest of Europe lives and initiate a glimmer of solidarity and mutual support? It would be refreshing if the focus of public debate in Ireland then shifted to European issues, rather than such issues as the “right” of Irish farmers to pollute the country’s drinking water with faulty sceptic tanks. – Yours, etc,
Sir, – Olivia Blaque urges Ireland to leave the euro and thinks that the country would “reap . . . rewards” (December 3rd) .
But has she thought about the consequences of this drastic step? If the Irish banks had maintained high levels of integrity in business dealings, then the Irish financial system could possibly cope with such a break. As it is, Ireland has little or no room for manoeuvre on a choice of currency. The so-called “independent” Bank of Ireland has its shares at rock bottom prices and it will take a long, long time before Irish banks recover fiscally.
Ireland is on the path to economic recovery and the harsh austerity measures will in time bear fruit. But what is being done about restoring the integrity of Ireland‘s banks? I have long argued for a revival of “La Touche Bank” which was once the mainstay of the Irish banking system.
The name is still good and perhaps Rupert Guinness and others might consider its revival as a first step in restoring trust in Irish banks and financial institutions which were ruined in the Celtic Tiger years? – Yours, etc,
Sir, – Nicolas Sarkozy’s speeches on the euro crisis are, like his suits, “Toulon and Toulouse”. – Yours, etc,