Solve the eurozone crisis

WITH respect to the eurozone crisis, all interested parties — citizens, political parties in and out of government across all EU member states — must work together to resolve the current crisis.

Many differing bodies of opinion exist in relation to describing exactly what is occurring and how it must be dealt with. Germany wishes to continue with a restrained fiscal path, while France seeks greater involvement of the European Central Bank.

More modest (both in policy and demographics) EU member states like Ireland seek any workable solution. Despite disagreements, there is wide acceptance that the Europe-wide sovereign debt crisis cannot continue unchecked, which all parties accept would only further imperil the euro.

Since the introduction of the single currency, trade in Europe has increased by 50% as a direct result of its existence. In addition, despite experiencing its most ferocious challenge since its inception, the euro remains the world’s most valuable currency with such nations as Switzerland linking the value of the Swiss Franc to it.

For our part, Ireland has benefited enormously from EU and eurozone membership alike.

Now that we have been gripped by more austere times, we cannot lay the blame at the door of the EU. However, we can and should be part of the solution. It would seem that further EU treaty change will be necessary and Ireland must play its part in this process.

Before we rush headlong into abandoning the euro, a previously unthinkable creation brought about only in 1999, our elected representatives across the continent must seriously consider the creation of Eurobonds and our own credit rating agencies to stymie the over-arching and counter-productive influence of US opinion on EU economic conditions.

Mark Wakefield

Mercier Park

Turner’s Cross

Cork