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Sinn Féin to co-host important Brussels conference on the ECB

13 January, 2016 - by Pearse Doherty TD, Matt Carthy MEP

Sinn Féin MEP Matt Carthy will this Thursday co-host a conference in the European Parliament entitled "The ECB: Europe's Unelected Government" which will be addressed by his Party colleague Pearse Doherty TD and also by Irish Political Economist Conor McCabe.  Expert speakers from Greece, Germany, Spain, Scotland and Portugal will also address the conference which is organised jointly by left-wing party representatives on the Parliament’s Economic & Monetary Affairs Committee.

Speaking ahead of the event, the Midlands North West MEP said:

"My party colleague Pearse Doherty will be a guest speaker, where he will outline the ECBs role in Ireland throughout the financial crisis and their abject failure in crisis management.  He will also explain the measures a Sinn Féin government intend to employ to restore a more democratic balance.  Irish Political Economist, Conor McCabe, is also among the esteemed list of speakers and he will layout the progressive alternatives to the current ECB Economic policies.

Carthy continued:

"Since my election as an MEP, I have continuously questioned the ECB on their negative role in the Irish banking crisis including regularly challenging the President of the European Central Bank (ECB), Mario Draghi.  Most recently we have clearly expressed the anger of Irish people at the ECB refusal to formally engage with the Oireachtas banking enquiry.

"Mr. Draghi and the ECB have consistently refused to accept any responsibility on their part for the Irish banking crisis or the failure to burn bondholders and have repeatedly described it as a "homemade crisis".

"Let us not forget: according to official Eurostat statistics, Ireland, which comprises less than 1 per cent of Europe's population, shouldered 43 per cent of the net cost of the European banking crisis across all 28 EU member states - €41bn out of €96.2bn.

"It means that the cost of the bank bailout was €8,956 for every man, woman and child in Ireland, compared to an EU average of €191.

"It is outrageous that liability for these loans was transferred to the ordinary Irish taxpayer and what is more scandalous is that the ECB has failed to accept any role or even to formally engage with the Oireachtas banking enquiry.  This shows in stark terms the absolute disregard the ECB has for national democratic institutions and it shows the contempt with which the ECB holds for the citizens of Ireland, who have borne the brunt of the financial crisis.

"Sinn Féin has continuously called for a reform of the ECB and following Thursday's event, I am confident we will have new proposals for measures to take these efforts forward."


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