EU approach to eurozone crisis has been 'flawed', says Martin

The leader of Fianna Fáil Micheál Martin has criticised Europe's approach to dealing with the Eurozone crisis.

EU approach to eurozone crisis has been 'flawed', says Martin

The leader of Fianna Fáil Micheál Martin has criticised Europe's approach to dealing with the Eurozone crisis.

Mr Martin's comments come following a speech by a leading economist, Joseph Stiglitz, who warned that troubled EU countries will not recover if the issue of legacy debt continues to be ignored.

The warning comes as some countries argue that EU money should not be used to pay for so called "legacy assets", including older bank debt.

The Fianna Fáil leader said Europe's approach from the outset has been all wrong.

Mr Martin said: "I would like to see far more pro-activity from our own Government, I do think it is a very important issue, it's a central issue.

"As many writers would say 'Ireland took one for Europe' at that time in order to prevent European contagion and preserve and protect the euro.

"The ECB strategy early on in this crisis, from about 08/09 onwards, has been a flawed one in our view."

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