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EU Must Share Blame for Economic Crisis

9 May, 2011 - by Pádraig Mac Lochlainn


Speaking before a special Dail debate to mark Europe Day Sinn Fein spokesperson on European Affairs Padraig MacLochlainn said that “the EU, and in particular the European Commission and European Central Bank must share its portion of blame for the economic crisis in Ireland and across the Eurozone.”

Deputy MacLochlainn said:

“There is a certain irony that this debate comes after a weekend of intense speculation on the ongoing crisis of the Eurozone and a discussion – provoked by economist Morgan Kelly – on the origins, impacts and alternatives to the EU/ECB/IMF austerity programme supported by the present government.

“Contrary to the views expressed by Commissioner Geoghegan-Quinn last week membership of the Euro did not save the country from the worst excesses of recession in 2008 and 2009. Rather Euro membership and the Stability and Growth Pact, along with the failed policies of the Fianna Fail party, the party to which Commissioner Geoghegan-Quinn belongs, contributed to the collapse of the Irish and European economies.

“While Commissioner Geoghegan-Quinn’s party colleagues were busy driving the Irish economy into a massive debt fuelled property bubble at home, across in Brussels her colleagues at the European Commission were busy implementing a neo-liberal economic policy agenda that facilitated the debt fuelled boom and bust cycle of recent years.

“They were ably assisted by a European Central Bank whose monetary policy further fuelled the casino economics of the boom.

“And yet we are supposed to believe that the very politicians and policies – both domestic and European – that caused our economic collapse are somehow best placed to get us out of the mess they created.

“Worse still we are being asked to cede even more power over economic and monetary policy to the European Commission and Central Bank when what is actually required is returning control over these key areas of policy to this house, which is the true democratic representative of the people.

“Sinn Fein believes that the EU, and in particular the European Commission and European Central Bank must share its portion of blame for the economic crisis in Ireland and across the eurozone and that the failed policies of these EU bodies, like that of the Irish government, need to be abandoned if we are to have any hope of economic recovery.” ENDS

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