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Matt Carthy challenges Europe's austerity obsession

21 October, 2014 - by Matt Carthy MEP

Sinn Féin MEP Matt Carthy has spoken out strongly against an obsession with economic austerity policies in Europe and in Ireland.

Matt Carthy was speaking today from the European Parliament in Strasbourg during a debate on the European Semester for economic policy coordination.

Carthy stated:

"Countries that have needed a new radical economic policy have instead been subjected to a disastrous agenda which has resulted in high levels of public debt and unemployment. Those jobs that are being created in many cases are low paid and short term.

"In Ireland we've seen the devastating results of our government's obsession with an austerity policy. In my own constituency entire rural communities have been left desolate with no employment opportunities for the young resulting in mass emigration from these areas.

"The Irish government has now created a two-tier recovery that has yet to reach those families that actually suffered most throughout the recession and it appears that the European Commission are also cheerleading this approach.

 "To achieve any kind of sustainable fiscal adjustment the sole priority should be to achieve full employment.

 "The failure of austerity policies and the ineffectiveness of the current monetary policy is obvious to the citizens that we represent. Too many here today, I fear, are blind to the requirement for a real stimulus package that will reinvigorate our domestic economies".


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