Euro protected us — but discipline vital

IRELAND escaped the worst of the global recession thanks to its membership of the European Monetary Union (EMU); but it must still become more disciplined as a eurozone member, according to a new report.

The study into the effectiveness of single currency membership for Ireland by the National Economic and Social Council (NESC), said that being part of the euro has been, in themain, beneficial to Ireland and if the country had not joined “it is likely to have fared worse in the crisis of the past two years”.

However, the NESC study also attacked Ireland’s fiscal behaviour during its 10-year membership; saying that it hasn’t always acted as if it were an inclusive member.