Irish MEP to launch discussion document on the Future of the Eurozne in Dublin
A new discussion document on the Future of the Eurozone and the Irish Economy will be launched at an event in Dublin this Friday, hosted by Sinn Féin MEP Matt Carthy.
The document is a Left response to the various proposals made by European institutions and leaders over the past two years regarding the future of economic integration in the EU.
These proposals have been outlined by the Commission, the ECB and other EU institutions through the Five President's Report (2015), this year's reflection paper on deepening the Economic and Monetary Union, and the White Paper on the future of the EU.
The Dublin event includes a forum with a number of panellists, including international film-maker and author Thomas Fazi; Aidan Regan,Asssistant Professor at the School of Politics and International Relations, UCD; and Thomas Healy, Director of the Nevin Economic Research Institute (NERI).
Speaking in advance of the event, Matt Carthy MEP said:
“Despite a ‘lost decade’ for the crisis countries in the Eurozone, the Commission, the ECB and the governments of the dominant member states of the EU appear determined to carry on with business as usual.
“They have redoubled their commitment to the Fiscal Compact debt and deficit straitjacket that strangles investment and growth.
"They continue to ignore the damage caused to the peripheral economies caused by Germany's massive trade surplus. And above all, they have failed to address the total lack of democratic accountability and control over the most important economic governance institutions in Europe – the ECB and the Eurogroup.
“The new Banking Union rules supposedly aimed at preventing taxpayer-funded bailouts have stumbled dramatically at their first hurdle in Italy this year, while at the same time we are seeing a new drive towards the de-regulation of the financial sector through the EU's Capital Markets Union aimed at reviving securitisation and the shadow banking sector.
“Aspects of the ECB's monetary policies are promoting financial volatility and dangerous new asset bubbles.
“This new discussion document comes at a critical moment in the debate on the future of the EU, and examines the following points:
· When can a monetary union work, and in what circumstances will it fail?
· The EU's permanent austerity, and the failed ideology it is built upon
· Beyond the spin – the economic factors behind the Irish state's limited recovery
· How can we reduce the risk of another financial crisis?
· The monetary policies of the European Central Bank – Europe’s unelected government
· What needs to change and how do we achieve it?
The event will take place at the European Parliament offices on Friday October 27, 11am-2pm and the forum is open to the public