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Sinn Féin will support the adoption of the Euro in a referendum: de Brún

5 April, 2004

Speaking after a meeting with the 'Northern Ireland in Europe' lobby group, Sinn Féin spokesperson on EU affairs Bairbre de Brún outlined the party's position on the Euro. Ms de Brún said:

"The introduction of the EURO in the 26 Counties in 2002 was perhaps the most significant event regarding the state's involvement with the European Union to take place to date. Sinn Féin opposed the introduction of the EURO because it involved the loss of control over domestic monetary policy, undermined by the dominance of the European Central Bank.

"This loss of control is a matter of considerable consequence to the Irish economy. If a downturn in the global economy occurs, ECB fiscal policy will be dictated by the larger states regardless of its impact on smaller states such as Ireland.

"Ireland continues to operate two distinct monetary systems, the one in the North tied to the London Treasury and the Bank of England, while the South is now tied to the ECB. This divide is having a negative effect on the process of economic unification. Indeed, if the situation is maintained, it has the potential to exacerbate economic differences.

"The adoption of a single currency throughout the island is a crucial part of the process of economic unification.

"The adoption of the euro in the Six Counties would not involve a loss of democratic control, given that there is currently no control over the Bank of England. Indeed, entry of the Six Counties into the euro zone will strengthen our demands for greater Irish participation in the decision-making processes of the ECB. Sinn Féin will, therefore, support the adoption of the euro in the Six Counties in any future referendum on the issue." ENDS

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