Since the beginning of the recession in 2008, voices have been clamouring for Ireland to abandon the Euro. Most of these voices argue that doing so would guarantee the fast recovery of our economy.
It’s even been suggested in some corners that Ireland joins the British currency zone and adopts sterling as legal tender before relaunching the punt.
Last Monday, one of Ireland’s leading economists added his voice to the growing list of authority figures who want the Irish Government to leave the Eurozone.
“A small economy can survive and prosper outside a Eurozone that has turned in on itself,” said UCD Professor Ray Kinsella, who added that Ireland would stand a better chance of making a U-turn if its own currency was in place.
In his analysis, Prof Kinsella said the stock markets do not have any faith in the Euro and that other small countries in the EU, such as Denmark, are now more prosperous because they retained their own currency.
While we do not have any way of ascertaining the possibility of an immediate turn-around, nevertheless we call on the Government to take the call seriously. The coalition should be consulting some of those who advocate for a path away from the Euro to get more information.
We also urge the Government not to shy away from adopting sterling if we are sure that our lives and our economy would be better served. We cannot continue to live under this horrendous economic climate.
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