Sir, - I add my voice to that of Bernard McLeod (January 23rd). As time goes on, it becomes more obvious that the single currency presents dangers not only to our economy, but also to those of our fellow EU members. The two engines of European growth are now in difficulties. The French economy is in a deep depression with high unemployment leading to vigorous civilian protests and, as Professor Walsh has rightly argued in your paper, this is largely caused by the determination of the French leadership to meet the Maastricht criteria.
Bonn also struggles to meet these arbitrary criteria and may have to fudge the figures, as well as facing a legal challenge on EMU entry from German solicitors. Against this, there is a strong argument that the British economy is flourishing precisely because it has turned its back on the single currency.
David Quinn wrote recently in the Sunday Times that he had not come across a single convincing argument for this country to join the single currency. Like Mr McLeod, he sees a sharp rise in inflation, worsening as our currency weakens daily in the lead-up to EMU. This, combined with low interest rates, will lead to wage demands, uncompetitiveness and unemployment. If the euro is weak and sterling is strong, this trend will continue. There is nothing that this Government can do except watch helplessly as the Celtic Tiger turns into an Euro pussy cat.
Chancellor Kohl has a dream which he wants to impose on all of Europe, a dream that may turn into a nightmare as EMU suppresses democratic freedoms in a Europe with many varied economies. Do we want to be part of that? It is time to pause and give thought to where official Ireland is sleepwalking us. The media have a responsibility to open up the debate but, with the exception of Eamon Dunphy on The Last Word, they have been complaisantly following the Government line. Unfortunately your paper, being strongly Europhile, has been one of the worst offenders. - Yours, etc., Ruairi Bruirigh,
Military Road, Killiney,Co Dublin.
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