Monday 23 October 2017

Brendan O'Connor: McCreevy's role in Spain's crash

Brendan O'Connor

Brendan O'Connor

YOU'LL never beat the Irish. We always prided ourselves on our inordinate influence in Europe and it turns out that this is true. It transpires that we didn't just ruin our own country, but now one of us is in the frame for helping to ruin the whole of Europe.

As Spain teeters on the edge of needing a full sovereign bailout, one of the factors that could bring down the whole eurozone, Bloomberg has been pointing one of the fingers of blame for the current crisis in the Spanish banks firmly at our own Charlie McCreevy.

Until recently, he was effectively the EU's financial regulator, the guy who should have been enforcing its rules on banking and markets, from 2004 to 2010, when he was Commissioner for Internal Markets and Services. And all this time, Spain's banks were cooking the books, storing up their recent trouble, and apparently the bould Charlie was "one of the more candid advocates of Spain's approach".

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