Brendan Keenan: To be or not to be in the eurozone?
Estonia's recent entry to the euro is a timely reminder to Ireland of the perks and pitfalls of a single currency
Published 09/01/2011 | 05:00
PLUCKY little Estonia. Having escaped the Soviet Union, and faced the wrath of the Russian bear on several occasions since, this tiny country of 1.3 million people has now joined the euro. These people are brave, but are they right in the head?
Actually, the entry of Estonia is a timely reminder of what the euro is supposed to be, and what it is not. It is timely because, in Ireland, these arguments were forgotten the minute those strange new notes appeared in the ATM machines.
We are paying a terrible price for that amnesia and are having trouble engaging with the kind of rational analysis which preceded entry -- even though almost everyone was in favour of membership.