Madam, – Michael Noonan, by suggesting that Germany has benefited from Ireland’s misfortune, has misunderstood the nature of the European Union (“Germany has gained from crisis”, Dáil Report, November 26th).
A monetary union is not a fiscal zone. By citing the United States he is not comparing like with like. An eventual political union in Europe may be an ideal but is unlikely in the foreseeable future. In the meantime, individual nations with different levels of economic development will pursue their own interests.
Mr Noonan upbraids the French and the Germans for not stimulating their economies so that Ireland can export more to them. That is not how capitalism works. Competition is at the heart of it. Why has Ireland got such a low level of corporation tax if not to gain a competitive advantage?.
Finally, the €20 billion reduction in Germany’s debt servicing is small change compared to what it would lose if the euro zone broke up. – Yours, etc,