‘Euro-critical’ monetary policy will not work
Living up to the old adage that ‘all politics is local,’ issues such as water charges, the property tax and austerity were all given a good airing. For anybody tuning in who did not know anything about Irish politics, it would be hard to discern that the country is part of a monetary union. But it is and the European Parliament will have an increasingly important role in the future of the Irish economy.
This newspaper carried a report on Thursday on a seminar given by the respected chief economic commentator with the Financial Times, Martin Wolf, about the prospects for the euro. His argument is that the project is only half complete. Without moves towards fiscal union, a more active role for the ECB in economic development; eurobonds and debt restructurings for highly indebted countries, then it is hard to see how monetary union can survive in the longer term.
