Scrap the crazy EU stability and growth pact

THE rules of the euro stability and growth pact require Ireland’s annual budget deficit to be less than 3% of our annual GDP. Eurostat now forecasts that figure will be 24% in 2010.

Our GDP was €182bn in 2008. In that context, trying to save €3bn a year by cutting wages and slashing pensions now seems rather a futile pursuit. At that rate, we will not satisfy the budgetary rules again until 2023. Scrap this crazy economic system. Trying to fix it is not worth all the trouble it is causing. It is a bit like trying to bale the water out of the Titanic with a bucket. The game has changed. We must change the rules. Let every country make a new start with a clean slate. Just do it.

Michael Mernagh

Carrigaline

Co Cork