Surely its time to scrap the Euro and bring back the Punt?

[Bi ciuin]

With the UK coming out of recession by the ability to print its own money,
its now time for Ireland to ditch th Euro and bing back the Punt and our ability to change our own interest rates?


Not being in the Euro has not harmed the UK, so I see no reason as to why it would harm us.

It would surely be wise to follow the British example and print our own money?

[nuj]

With the UK coming out of recession by the ability to print its own money,
its now time for Ireland to ditch th Euro and bing back the Punt and our ability to change our own interest rates?


Not being in the Euro has not harmed the UK, so I see no reason as to why it would harm us.

It would surely be wise to follow the British example and print our own money?

Oh, surely. And then we could pass our own laws about the weather as well. Maybe ban low pressure systems during the summer months.That should help improve matters after three bad summers in a row. Surely.

[toughbutfair]

No way. It is the ECB that will be buying our bonds. Also my life savings are in Euro, if they were in punts they'd probably become worthless.

[Raketemensch]

With the UK coming out of recession by the ability to print its own money,
its now time for Ireland to ditch th Euro and bing back the Punt and our ability to change our own interest rates?


Not being in the Euro has not harmed the UK, so I see no reason as to why it would harm us.

It would surely be wise to follow the British example and print our own money?

What would you do with interest rates if you could set them? You think there is insufficient debt and IR are too high? Would you make them negative?

[The Field Marshal]

Let nobody ever forget: The European Central Bank prevented Irish lending institutions from raising interest rates, as many of them wanted to ,during the property bubble.

Such a move would have successfully controlled the mad escalation in land values that prevailed here.

The Euro is the main cause of our current economic problems.

[FutureTaoiseach]

I don't agree with a return to the Punt. This is water under the bridge. While Eurozone interest rates contributed to the recession in a major way, that is an argument for reform - not reinventing the wheel. Irish exporters and importers also benefit from the removal of the complicating factor of fluctuating exchange-rates. We also need a strong currency to keep inflation down. Experience of the euro suggests that a new Punt would be a weak currency for its first couple of years, during which inflation could return and be exacerbated by the higher cost of imports. In that context, I respectfully disagree.

[slx]

What you are seeing in the UK is largely a work of economic fiction at the moment, aimed at getting New Labour through the next general election at all costs - and believe me it is at ALL costs.

The UK is currently borrowing at a level that is multiple times greater (as a % of GDP) than during the 1970s when it basically had the IMF in.
It's also borrowing more money than it did in the aftermath of WWII!!

While there may be some signs that the UK is recovering, its a fiscal basket case.

They're simply postponing the inevitable in a desperate attempt to get through the elections.

I really wouldn't want to model the Irish recovery plan on the UK - in fact, I would suggest that it is economic suicide to do so.

The likely outcome in the UK is a couple of decades of huge taxation and massive public service cut backs under a very right wing Tory Govt i.e. Mrs Thatcher all over again, only about 50 times worse.

[Raketemensch]

Let nobody ever forget: The European Central Bank prevented Irish lending institutions from lowering interest rates, as many of them wanted to ,during the property bubble.

Such a move would have successfully controlled the mad escalation in land values that prevailed here.

The Euro is the main cause of our current economic problems.

Ummm, I think you will find that low interest rates facilitated the bubble.

[adamirer]

Let nobody ever forget: The European Central Bank prevented Irish lending institutions from lowering interest rates, as many of them wanted to ,during the property bubble.

Such a move would have successfully controlled the mad escalation in land values that prevailed here.

The Euro is the main cause of our current economic problems.

How exactly would lower interest rates (thus cheaper credit) have successfully controlled the mad escalation in land values? Cheap credit fuelled it!!!!!!!! Bubble Economics 101.

[nuj]

Let nobody ever forget: The European Central Bank prevented Irish lending institutions from lowering interest rates, as many of them wanted to ,during the property bubble.

Such a move would have successfully controlled the mad escalation in land values that prevailed here.

The Euro is the main cause of our current economic problems.

Genius!

Lower interest rates to pr1ck a property bubble! Why has nobody ever thought of this before?