Devalue the euro

RECENT economic history in Ireland shows the euro is depreciating as our national currency. Greece, Spain and Portugal are experiencing similar economic gloom.

Within the bloc of countries committed to the euro, there is a danger that a two-tier system of international exchange could develop. It is time to agree a plan for devaluation across the entire eurozone. That would go some way to correct the basic flaw in any pan-European currency.

Up to now, the lack of corrective, coordinated action has allowed speculators to pick off the financial reserves of vulnerable countries one-by-one.

To deal with the domestic weakness of the euro, the Government saw fit to try to slash its own employees’ wages by up to 15%.

That might be the appropriate percentage by which to devalue the euro internationally.

Michael Mernagh

Raheens

Carrigaline

Co Cork