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Role of IMF, European Commission and ECB in Ireland’s economic crisis must be examined – MacLochlainn

28 April, 2011 - by Pádraig Mac Lochlainn

Sinn Féin Spokesperson on Foreign Affairs and Trade, Pádraig MacLochlainn, TD, has called on the Tánaiste and Minister for Foreign Affairs Eamonn Gilmore to extend the remit of his “diplomatic initiative” to include the EU member states and the other 186 member Governments of the IMF.

Deputy MacLochlainn was responding to comments from the head of the European Financial Stabilisation Fund, Klaus Regling, acknowledging the failure of the European Commission to recognise and challenge the unsustainable growth of the Irish economy during the boom.

Speaking from Leinster House, Deputy MacLochlainn said:

“Ordinary Irish families are carrying the full burden of the devastating economic mismanagement of this state. They will be crippled with debt for generations to come.

“The root cause of the economic meltdown, as has been pointed out is of course the disastrous economic policies of years of right wing government here. However what is less talked about is the role that the EU, ECB and IMF played in getting us to this sorry state.

“Eamonn Gilmore has pledged to engage in a “diplomatic initiative” with our European partners in order to get what he called a better deal for the people from the EU/ ECB/ IMF package. Following Klaus Regling's comments, I am repeating my call on him to extend the remit of this initiative to include campaigning for an international investigation into the failure in international financial regulation and oversight from the EU, ECB and the IMF that led to this state’s economic collapse.”

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