The debt crisis in some member states of the European Monetary Union shows once more how closely related bank crises and sovereign debt crises are.

The EU’s rescue fund, the ESM, is illegal, accountable to nobody and should never have been established in its current structure, the EU’s highest court was told by lawyers on behalf of Independent TD Thomas Pringle.

SHARES across Europe took a hammering yesterday with Irish stocks losing 1.5% of their value, rounding off a turbulent week on the markets.

British Foreign Secretary William Hague raised doubts about the future of the euro today, saying it was impossible to know whether the currency would collapse.

Taoiseach Brian Cowen told a press conference on Thursday: “I don’t believe there is reason for people to feel ashamed or humiliated at all.” He was referring to the current financial crisis.

THIS week’s visit by Olli Rehn from Brussels sets the domestic mood music for the Government’s draconian budget.

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 Government’s most senior figures have moved to quell growing fears that the country’s low-corporate tax regime will be threatened by European plans to pre-police national budgets.

IRELAND is highly unlikely to default on its burgeoning national debt despite a second downgrading in 90 days of the state’s sovereign debt rating.

FITCH, the international credit rating agency, has warned that the performance of Irish financial assets will “deteriorate materially” as the global economic downturn continues and that gross domestic product will fall 4% by the end of this year.

The rates of house price decline and mortgage slowdown has slowed, according to a report released today.

THE success of European Monetary Union (EMU) and the euro has produced a strong currency that will remain so in the future, according to the European Commission.

THE European Central Bank (ECB) raised its interest rate by 0.25% yesterday for the eighth time in the past 18 months.

INTEREST rates from 1.7% to 7.3% would apply in the euro zone if European Monetary Union did not exist, the Dublin Economic Workshop in Kenmare was told last evening.

Adverse swings in the euro exchange rate remain a major risk to competitiveness, requiring a high degree of flexibility on the part of the Irish business sector, the Central Bank warned today.

The Central Bank has reported signs of improvement in the international economy and a corresponding economic recovery in Ireland.

Swedish Prime Minister Goeran Persson’s future was on the line today after his humiliating defeat in the euro referendum.

Britain is missing out on £12bn (€16bn) in trade each year because of its decision not to join the euro, according to a report published by single currency campaigners Britain in Europe today.

AT a fascinating presentation in Dublin last week, the Vice-President of the European Central Bank Dr. Lucas Papademos discussed the euro’s future, focusing on how the applicant States of eastern Europe will be incorporated into the Eurozone over the coming years, without weakening the reputation or strength of the single currency or the Eurozone.

Danes who refused to replace the kroner with the euro in 2000, will not vote on adopting the common currency before 2004 at the earliest, said Prime Minister Anders Fogh Rasmussen.

IT was just like old times. There they were, Garret, Dessie and Albert, the elder statesmen of Irish politics, as if they had never gone away.

OPPOSITION in Britain to ditching the pound in favour of the euro has risen despite the growing number of Britons who have now used euro notes and coins while travelling abroad, a new survey showed yesterday.

A leading British business group is launching a campaign to encourage firms to prepare for the euro.

In the Dutch town where European leaders agreed to adopt a single European currency almost 10 years ago, builders were today wrapping up preparations for the national E-Day celebration.

The president of the German Bundesbank says Ireland has nothing to worry about regarding European Monetary Union.

The currency markets are predicting that Britain is unlikely to join the euro during the next parliament.

Bank of England Governor Sir Edward George has quashed any suggestion that he was a eurosceptic as he outlined the pros and cons of European Monetary Union.