Also, the fact that France and Germany both broke the 3% deficit rule that they had so strongly insisted on. They never had to pay a penalty for this. So there was one rule for the big countries and another for everyone else.
As I an Irish person, it makes me a bit bitter that ultimately part of whole problem for our economic recession was the Euro interest rates were ultimately too low for the economy we were running in the Celtic Tiger. Around 2003 or so onwards, we needed a higher interest rate to take the steam out of our economy. However, Germany and France had done pretty poorly for so long, we were locked into an interest rate and currency which was being dictated by them.
Ultimately only we are to blame (no one put a gun to our heads and asked us to play real-life Monopoly) and we won't shirk it like other countries (even though we should have thrown a few of the banks and bond-holders to the wall) but it irritates me that these fact is not mentioned more often.
New York has the same currency as Alabama. The US has no and will never have a unified economy and neither will we. We have to learn from our mistakes and install some systems to actually enforce these laws.
Unfortunately those people that invaded your island back in the days hinder us bit :)
As I an Irish person, it makes me a bit bitter that ultimately part of whole problem for our economic recession was the Euro interest rates were ultimately too low for the economy we were running in the Celtic Tiger. Around 2003 or so onwards, we needed a higher interest rate to take the steam out of our economy. However, Germany and France had done pretty poorly for so long, we were locked into an interest rate and currency which was being dictated by them.
Ultimately only we are to blame (no one put a gun to our heads and asked us to play real-life Monopoly) and we won't shirk it like other countries (even though we should have thrown a few of the banks and bond-holders to the wall) but it irritates me that these fact is not mentioned more often.