Sir, - After the pathetically small increase to pensioners and social welfare recipients in the recent Budget (which is not payable until next June in any event), followed by a mad headlong rush to join the first phase of EMU, we see the folly of this move with the steep increase in prices in the shops.
This particularly affects low-income groups such as pensioners and the predictions are that these price rises will continue.
It is obvious that this haste to be in on the first wave, come what may, is more an ego-boosting exercise and a response to vested interests than a sensible and considered move, bearing in mind that Britain, our largest trading partner, has decided to wait and see.
The fact that most of our thinking is geared to an exchange rate of 2.41 deutschmarks to the Irish pound presents a golden opportunity to money speculators, who are having a field day at the expense of the Irish consumer and causing major inflationary fears. As of now, we still have approximately a further 10 points to drop against the deutschmark.
A Government based on shaky foundations, with the slimmest of majorities and with a huge number of its citizens almost completely ignorant of the implications of joining the EMU, should not be rushing heedlessly into a commitment which will put us into a financial straitjacket with potentially dire consequences.
Now is the time to reflect, to ask questions, to consult all our people, not just those in business. There are probably very good reasons for joining the EMU, but let's not rush it. "Hasten slowly" should be the motto. - Yours, etc.,
Ferguson Road, Drumcondra, Dublin 9.