“Eur-over”
By Anthony Coughlan
The political purpose of establishing the Eurozone was to reconcile France to German reunification following the USSR’s collapse.
This political agenda used economic means that most economists who were not EU-ideologues regarded as quite unsuitable for that purpose. The irrationality of this ill-conceived and doomed project is now playing out before our eyes.
The value of having one’s own currency, and with it the ability to follow an independent exchange rate policy, was shown decisively in Ireland from 1993 to 1999.
This was the only period in the history of the Irish State when we followed an independent exchange rate policy and, in effect, floated the Irish pound, giving us a highly competitive exchange rate. This boosted Irish exports, inhibited competing imports and gave us the “Celtic Tiger” years of high economic growth.
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Filed under: Euro / Monetary Union | Tagged: anthony coughlan, village magazine |
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