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Thread: Joining the Euro-Ireland's big mistake

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    Politics.ie Member parentheses's Avatar
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    Default Joining the Euro-Ireland's big mistake

    An article here by Colm McCarthy. I think there's no doubt McCarthy now regards the decision to join the Euro as a big mistake. He says the period of the true "Celtic Tiger" ended around the time we joined the euro-from then on economic growth was relying on a credit bubble.

    The decision to join the ill-fated European common currency in 1999, supported unanimously by all political parties and interest groups but queried at the time by several economists, has clearly made things worse.

    The bubble would have happened anyway given the atmosphere of the time but it would have deflated sooner under an independent currency.
    The banks would have found it far more difficult to swell their balance sheets through foreign borrowing outside the deceptive comfort blanket of the Euro. Just as importantly, the government would have had broader policy options in dealing with the fallout when the banking crisis emerged.
    Unfortunately there is no possibility of simply winding the clock back. It makes no sense to talk of exiting the Eurozone at this stage, even though it should now be acknowledged that those small EU countries which stayed out, such as Denmark and Sweden, dodged a falling knife.
    It would be advisable though to consider whether the option of an independent currency can somehow be re-created should France and Germany do no better second time round.
    Farm - Farming - 'Celtic Tiger' did Ireland no favours

  2. #2
    MrFunkyBoogaloo
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    Quote Originally Posted by parentheses View Post
    An article here by Colm McCarthy. I think there's no doubt McCarthy now regards the decision to join the Euro as a big mistake. He says the period of the true "Celtic Tiger" ended around the time we joined the euro-from then on economic growth was relying on a credit bubble.







    Farm - Farming - 'Celtic Tiger' did Ireland no favours
    Have always felt we shouldn't have joined and would like to see us leave.

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    Politics.ie Member Aindriu's Avatar
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    It was a huge mistake. We wouldn't be the way we are now if we had not joined.
    If you continue to elect idiots in elections, don't be surprised when the result is an idiotic government.

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    Politics.ie Member Tea Shark's Avatar
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    Definitely. The one thing England have been very right on. It was a cop out disguised as a cop in.
    A nation that keeps one eye on the past is wise. A nation that keeps two eyes on the past is blind.

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    Politics.ie Member RobertW's Avatar
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    Quote Originally Posted by Tea Shark View Post
    Definitely. The one thing England have been very right on. It was a cop out disguised as a cop in.
    Give over. The UK is in as great a mess as this country with their projected debt to be about 1,400-1,500 billion pounds by 2015.

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    Politics.ie Member Tea Shark's Avatar
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    Quote Originally Posted by RobertW View Post
    Give over. The UK is in as great a mess as this country with their projected debt to be about 1,400-1,500 billion pounds by 2015.
    Better terms.
    A nation that keeps one eye on the past is wise. A nation that keeps two eyes on the past is blind.

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    Politics.ie Member Analyzer's Avatar
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    Probably the biggest stragetic blunder of the Irish state.

    And it occurred because we had no strategy at all - except to go along with somebody else's plan, without doing any thinking.

    The blunder was not having any strategy.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    Politics.ie Member RobertW's Avatar
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    The euro is a currency. That's all.

    Since the 1980s countries in the west have been borrowing and living beyond their means.

    This country spends over half its income from taxation on social welfare. . . This is unsustainable and it has nothing to do with the euro and everything to do with politicians using the welfare state to buy votes.

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    Politics.ie Member Analyzer's Avatar
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    Quote Originally Posted by RobertW View Post
    Give over. The UK is in as great a mess as this country with their projected debt to be about 1,400-1,500 billion pounds by 2015.
    They would have done fine were it not for Phony Tony and Flash Gordon.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

  10. #10
    MrFunkyBoogaloo
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    I don't agree with McCarthy here however...

    Unfortunately there is no possibility of simply winding the clock back. It makes no sense to talk of exiting the Eurozone at this stage, even though it should now be acknowledged that those small EU countries which stayed out, such as Denmark and Sweden, dodged a falling knife.
    Over the next couple of years, some form of Eurozone mark II will emerge, engineered largely by France and Germany, the unrepentant architects of the flawed Eurozone mark I. Ireland will have no influence on the form that Eurozone mark II will take, the inevitable fate of small countries in these situations.

    It would be advisable though to consider whether the option of an independent currency can somehow be re-created should France and Germany do no better second time round.
    I'd say, knowing that, it makes perfect sense.

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