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”.