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Colm McCarthy: State should challenge legality of ECB's actions

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'DOOM LOOP': Policies of ECB, under Jean-Claude Trichet, towards Ireland helped spread the debt crisis

'DOOM LOOP': Policies of ECB, under Jean-Claude Trichet, towards Ireland helped spread the debt crisis

'DOOM LOOP': Policies of ECB, under Jean-Claude Trichet, towards Ireland helped spread the debt crisis

Ireland has been the author of its own misfortunes through failures in financial regulation and loose budgetary policy in the years leading up to the crash.

But the crisis in the eurozone is not due solely to policy failures of member states but also to the flawed design of the common currency and the weak policy response at European level. If the euro is to survive, the structure in place since 1999 needs an overhaul.


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