Sunday 11 December 2016

Economy struggling in the grip of doomsayers

Ireland is facing potential enemies on two fronts -- our European neighbours and the Irish Central Bank, warns Marc Coleman

Published 20/03/2011 | 05:00

A vampire squid sucking the face off our economy and a tapeworm draining its life from within. On two fronts our economic future is up against formidable foes. Facing misinformed French and German voters -- who think we are getting €85bn for free -- Nicolas Sarkozy and Angela Merkel are trying to take from us one of the few tools we have left to fight this crisis: if it wasn't tragic, it would be hilarious.

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If our corporation tax regime is emaciated our recovery and the eurozone's stability will be even more difficult to secure. But showing the same short-sightedness they demonstrated when they let their predecessors Jacques Chirac and Gerhard Schroeder tear up the Stability Pact -- Europe's leaders are now blaming Ireland not just for its own mistakes (which is fair) but for Europe's as well.

Weeks ago, in a speech to the National Forum, Ray MacSharry reminded us of the truth: Europe's institutions contributed to this crisis greatly. The point was repeated by John Bruton days later (unfortunately without giving due credit to Ray).

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