Economist: Government should sue ECB

Economist: Government should sue ECB

A leading Irish economist says the government should sue the European Central Bank for forcing Ireland to pay billions of euro to unsecured bondholders in our bailed out banks.

Writing in today's Sunday Independent, Colm McCarthy argues that under the terms of the EU Treaty, the ECB could be forced to "make good" Ireland's losses during October and November, 2010.

He also says that if the euro is to survive the structures in place need to be overhauled - including centralising the supervision of banks and putting in place a proper bank resolution system that protects taxpayers from banks failing.

He also argues that the European Central Bank should be given extra powers - including being fully responsible for the maintenance of financial stability across the eurozone.


More in this Section

Coronavirus: Restrictions on movement to remain in place for Northern IrelandCoronavirus: Restrictions on movement to remain in place for Northern Ireland

Dr Tony Holohan reiterates call for those awaiting Covid-19 test results to remain in isolationDr Tony Holohan reiterates call for those awaiting Covid-19 test results to remain in isolation

One-off use of Dublin Convention Centre to sit Dáil to cost €160kOne-off use of Dublin Convention Centre to sit Dáil to cost €160k

Reports of Dubliners 'flocking' to beaches in Mayo and Wexford led to signing of emergency lawsReports of Dubliners 'flocking' to beaches in Mayo and Wexford led to signing of emergency laws


Lifestyle

Junior Cert and Leaving Cert students mustn’t be forced to go through the motions with state exams, and we need creative thinking to find alternatives fast, writes mother and educator Ellie O’Byrne.Policy fail? Insistence that state exams go ahead in June is glib and ignorant

Yes, we all need to stay at home but that doesn't mean your children have to be bored, says Michelle McGlynnWorld of wonder: What to do with the children outdoors

Over the next three weeks, I am going to outline how you can support yourself and your family over this period of lockdown, writes Richard Hogan.Learning Points: Keeping children on a healthy and happy regime

As we are settling into our new routines of self isolation, staying at home and home schooling it feels that a whole new set of pressures is coming down the tracks.Mum's The Word: Pressure to be productive in a world of online classes

More From The Irish Examiner