Ireland has favoured inflation over realities of euro regime

IEA research featured in the Irish Independent

Oscar Wilde warned against approval of what is approved of. If I may be so bold as to put it another way; the opinions of those who do not much approve of you are likely to be of more value than those of your admirers.

Or so I thought, reading a recent analysis from the UK Institute for Economic Affairs (iea). This is a respected think-tank, but it is what the British would call right-wing -- which means it is beyond the visible spectrum in Irish politics. So we might hear things from it which would not find a voice in our own debates.

It would start from a different place. A body such as the IEA would not be very keen on the whole idea of the euro. It would have nothing against Ireland, per se, but it might share that British attitude which one has come across, more sorrowful than angry, that we have taken a wrong turn in joining the European currency, and really should have known better.

We certainly should have known better -- but I still think the great mistakes were made after we took the turn to monetary union, not because we took it in the first place.

Read the rest of the article on the Irish Independent website.