Let’s take control back from EU

IN the hullaballoo about the recent IMF report, I think a major statement was lost sight of in the media.

Finance Minister Brian Lenihan said low euro interest rates and cheap labour from eastern Europe after 2004 were the main reasons for the overheating of the Irish economy which led to the recession.

Asked about the causes of the recession on The Last Word with Matt Cooper (June 25), Mr Lenihan put it down to “cheap credit from the European Central Bank; the availability of cheap labour after 2004 was a factor as well”.

He added: “The public appetite for lending and public appetite for increased purchase of property were part of it”.

It was inappropriately low interest rates from the European Central Bank, suited to Germany and France but not Ireland, that hammered us and led to an unsustainable boom. Mass immigration just threw more petrol on the fire.

While lack of bank regulation and a number of property incentives also had a part, the main problem is that the major levers of economic control have already been handed over to EU institutions over which we have no control.

We need to retain and regain as much power in Ireland as possible to get us out of this sorry mess.

Brian McDermott

Annagassan

Dundalk

Co Louth