Alternative to a federal Europe

MY sense of rising bewilderment is tempered only by anger as I listened to Enda Kenny pontificate, while out beleaguered politicians are led a merry dance by our EU masters.

Has the Government worked out a strategy that enables an orderly withdrawal from the EU? Sarkozy and Merkel, relentless in their pursuit of a federal Europe, continue to hoist their own agendas on member states. It grieves my heart to listen to Michael Noonan confirm that France and Germany would ultimately have a right to dictate how Ireland manages its budgetary and fiscal policy, should this Franco-Germanic pact become a reality.

The question that this government has to answer is, why are we continuing to be a part of a failed paradigm?

Forget the nonsense put out about how the ECB should buy Euro bonds. It simply hasn’t enough cash reserves to save indebted countries or provide the platform for a Germanic-led federal Europe. If we have no other choice but to suffer years of austerity, suffer unemployment, suffer emigration and years of uncertainty, let’s do that and leave the eurozone and suffer for ourselves.

If we went back to the punt, imports would get more expensive, money would cost more, savings would devalue and export growth would slow. The over-reliance on exports is flawed. If 55% of all our exports are pharmaceuticals, what’s going to happen next year when, in 2012, vast numbers of patents expire? We simply cannot rely on exports. Our domestic economy would grow as Irish produce would be cheaper compared to imports. It would at last have a chance of becoming the jobs engine we are desperate for. Debts would be restructured to our advantage. We could still consider linking up in a fiscal union with Britain as they are our main market and vice versa. Asian markets beckon. We have options.

Although times ahead would be tough, we could suffer it on our own terms for the good of Ireland and our people and not to save a failed currency, investment banks, bond speculators and two powerful countries. Whatever our EU elite do, such imbalance that is Europe will always need unbearable financial support and cost. Bringing massive social implications, stunted growth and endless pain, serving us with no real tangible benefit other than continuing support for Germany’s and France’s economies.

Garry Walsh

Ballinacarriga

Co Cork