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ECB must stop attempts at political interference - Doherty

22 September, 2011 - by Pearse Doherty TD


Responding to the news reports today on the eurozone report co-authored by former ECB official Jurgen Stark, which calls for countries to surrender economic powers to the European Union if they do not meet conditions on debt, Sinn Fein TD Pearse Doherty said the Irish government had to immediately raise the issue of the ECB attempting to intervene in the political arena with its EU counterparts.
 
Deputy Doherty said:
"When Mr Stark and his co-authors makes this statement are we to take it that it also applies to the larger Eurozone nations like France and Germany? I do not recall talk of surrendering economic power to the European Union when France and Germany were breaking the Stability and Growth Pact during the last decade.
 
"This paper was published by the ECB, though not endorsed by it, but it reflects the thinking at the heart of this institution. The ECB is a bank. It is no more acceptable for it to be dicating political decisions than it is for Irish banks to be telling our government what to do.
 
"The Irish government needs to immediately raise the issue of the ECB attempting to intervene in the political arena with its EU counterparts. This kind of incendiary statement is not helpful for resolving the euro crisis - it is just another attempt to push Europe down a path which is doomed to fail. The monetary union is fragile and must be stabilised but assuming that seizing economic control of sovereign states will be that stabilising factor is ludicrous."ENDS

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