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Labour MEP says Irish crisis is proof we should have joined the Euro
25/11/2010 16:18:00

I'm not making it up. London Labour MEP Mary Honeyball has looked at the devestation currently being wrought on the Irish economy as a result of the Eurozone interest rate being wholly inappropriate for their economy and concluded that this vindicates her view that we should have joined the Euro. Lol.

Hat-tip to ConHome

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Readers' Comments

On 25/11/2010 18:43:00 Robert King wrote:
She argues that the cost to us of helping Ireland would have been the same as it would had we been a member of the Eurozone - she fails to grasp the fact that we have to help Ireland anyway because it's one of our largest trading partners, a close neighbour and a lot of their debt is owed to UK banks.

We did not help rescue Greece because we are not members of the Eurozone, but had we been then we would have had no other option and anyway it's a loan which we will almost certainly get back with interest so it won't actually cost us anything.

Ireland made a big mistake joining the Euro. For years, the Irish Pound or Punt was linked to Sterling and exchangeable on a 1 for 1 basis then in 1979 they decided to float it off as a seperate currancy.

Irish pride and their desire at the time to diverge away from Britain meant that they wanted their own independent currency for the wrong reasons and when the EU treaty setting up the Euro came along they fell for the rhetoric that they should be ''at the centre of Europe'', something pro-Europeans always spout when they argue in favour of EU treaties.

Ireland would have been better off joining Britain, Denmark and Sweden and taking an opt-out of the Euro but, as I understand it, countries that did not take this opt-out are obliged to join the Euro and cannot leave unless they leave the EU.

If a way can be found, it might be a good idea for the Irish to rejoin the Sterling area and adopt the pound as it's currency again. Of course they could call it a Punt over there and put their own national symbols on the banknotes and coins and perhaps there could be scope for a seat on the MPC for a representative from the Irish Central Bank.

Such a move would help improve cross-boarder trade and whenever large numbers of people travel between the two countries, to attend large sports events for example, as at present you have to go to a hole-in-the-wall machine to withdraw local money and pay transaction charges.

Because of the economic situation in Ireland we are likely to see more well qualified young Irish people moving to Britain to make a living, this could be good for all concerned and having the same money would help them too.

It's high time the two countries put their past troubles behind them and became good neighbours and close friends, something that would be to the great benefit of both.

We did the right thing to stay out of the Euro, though I'm not sure we did it for the right reasons - I heard that at one stage Tony Blair wanted to go in but Gordon Brown kept us out to spite him. But whatever the reason we are fortunate to be out of it as I believe it will end in costly failure sooner or later.

On 25/11/2010 18:49:00 Anthony Miller wrote:
Ah, the collapse of the Euro...so farcial and tragic that it literally has its own Greek chorus.

When she's not persecuting Catholics in the Cabinet, Ms Honeyball is actually not bad at corresponding with Westminster Council over flyering bans...but then that may be because I have a photograph of her flyering...




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