If you would like to submit a contribution to our Readers Blog section then follow this link. Be sure to include your full name, address and contact number otherwise your submission will not be considered for publication. We will contact you prior to publication.
Mr Dervis’s article concerning government debt within the eurozone (Irish Examiner, May 17) focuses on the current fad on overcoming the economic crisis- growth, not austerity.
However, the nature of a properly-functioning single currency is being overlooked; it has to be underpinned by a fiscal transfer union.
Instead of a social-democrat mechanism of stability through fiscal redistribution, we have a monetary union without fiscal transfer union, which is a neo-liberal gift to speculators in debt-markets.
Passing the Fiscal Compact Treaty, or not, will not stop the current economic debt crisis, but only voting no will force this Government — in unison with other nations who have transferred sovereignty as part of the European project — to push for fiscal transfer union.
Without this, the euro will fail, while market speculators reap the benefit of high bond yields; as a consequence of debt which theyhave they have supplied in the first place.
© Irish Examiner Ltd. All rights reserved