British-Irish MEP offers Ireland a way out. Rejoin Sterling.

LeDroit

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http://blogs.telegraph.co.uk/news/author/danielhannan/

I bristled at the notion, full of righteous indignation and patriotism. Then I realised we do 60% of our trade with these guys and our euro loans would decrease if sterling got stronger. Hmmm.
 


Clanrickard

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http://blogs.telegraph.co.uk/news/author/danielhannan/

I bristled at the notion, full of righteous indignation and patriotism. Then I realised we do 60% of our trade with these guys and our euro loans would decrease if sterling got stronger. Hmmm.
Why don't we use both Euro and Sterling.
 

Anglo Celt

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http://blogs.telegraph.co.uk/news/author/danielhannan/

I bristled at the notion, full of righteous indignation and patriotism. Then I realised we do 60% of our trade with these guys and our euro loans would decrease if sterling got stronger. Hmmm.
Sounds like a sane suggestion to me. But our politicians don't do 'sane'.

Why should the UK be prepared to do such a thing? Because Ireland is our friend, because we have been through a great deal together, because we are intermingled and interrelated, because Ireland’s prosperity swells our own and because there is a risk that an economic breakdown would be followed by a political breakdown – which would be in no one’s interest. Is there any chance that we would agree? Interestingly, when Mark Reckless, the ancestrally Irish MP for Rochester, raised the idea with the Europe Minister David Lidington at a parliamentary committee meeting yesterday, the response was friendly.

Ah, but could a Fianna Fáil government countenance rejoining the sterling area? It depends on the alternatives. Accepting an EU bail-out would mean sacrificing economic sovereignty, but wouldn’t solve the underlying problem. Adopting the pound, with a proper recognition of Irish independence (unlike the pre-1979 arrangement), would put Ireland on a sustainable road to recovery. It’s Brian Cowen’s call, obviously. But, as the euro-zone finance ministers line up to tell him what to do, we ought at least to let him know that, if he were to look for a different option, he could count on us as allies.
 

zeleneye

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By jove what a jolly on idea...wait hold on, it is rather convenient he doesn't mention the state of the UK economy and the pound.

He also rehashes that smelly old canard about ECB interest rates causing our problems. Our problems were caused by our right of centre political establishment and the taboo on introducing regulation to address the problem.

With friends like these...
 

johnfás

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http://blogs.telegraph.co.uk/news/author/danielhannan/

I bristled at the notion, full of righteous indignation and patriotism. Then I realised we do 60% of our trade with these guys and our euro loans would decrease if sterling got stronger. Hmmm.
We used sterling continuously from 1536 until 1979. During the 1980s we devalued our currency virtually every year because our peg to the Deutschemark was inappropriate. We face the same problem today as we are pegged to the neo-Deutschemark, the euro. Why do you think sterling would be such a bad thing? It suited us for 443 years.
 

johnfás

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By jove what a jolly on idea...wait hold on, it is rather convenient he doesn't mention the state of the UK economy and the pound.

He also rehashes that smelly old canard about ECB interest rates causing our problems. Our problems were caused by our right of centre political establishment and the taboo on introducing regulation to address the problem.

With friends like these...
Indeed, but it was fuelled by the membership of the eurozone. It would not have been possible for our political establishment to do what it did without the euro.
 

Johnnybaii

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I spent dinner last night trying to convince my girlfriend that we should have given two fingers to the bank bondholders and kept our 50-70billion and then applied to join the Dollar if Europe went loco over it.

Surely Obama can save us too and think of the positive voter uplift he would get from all the Irish Americans?

She said I was a muppet.

I didn’t think of Sterling as it’s already a troubled currency no? (not that the Dollar isn’t but there’s a difference between the two countries)
 

Vega1447

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johnfás: We used sterling continuously from 1536 until 1979. During the 1980s we devalued our currency virtually every year because our peg to the Deutschemark was inappropriate. We face the same problem today as we are pegged to the neo-Deutschemark, the euro. Why do you think sterling would be such a bad thing? It suited us for 443 years.
FFS. Sterling "suited" us for 443 years??

We were colonised and forced into union with another country - as a consequence we had to use their currency - hardly the same as saying it "suited" us...

Did it "suit" us to have an English garrison in Dublin Castle for 100's of years?
 

Vega1447

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johnfás: Indeed, but it was fuelled by the membership of the eurozone. It would not have been possible for our political establishment to do what it did without the euro..
The logic of that is that we should elect competent leaders, not that we should join the UK...
 

Anglo Celt

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I spent dinner last night trying to convince my girlfriend that we should have given two fingers to the bank bondholders and kept our 50-70billion and then applied to join the Dollar if Europe went loco over it.

Surely Obama can save us too and think of the positive voter uplift he would get from all the Irish Americans?

She said I was a muppet.

I didn’t think of Sterling as it’s already a troubled currency no? (not that the Dollar isn’t but there’s a difference between the two countries)
How much of our trade is done with Sterling areas and how much is done with dollar areas?

It's a good suggestion and one we shouldn't be too quick to knock. I wonder has anyone from the UK government approached our own boyos?
 

Anglo Celt

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The logic of that is that we should elect competent leaders, not that we should join the UK...
It's not joining the UK ffs :roll:
 

disgruntledcitizen

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i'm no economics expert but there may well be some merit to such a concept, i would imagine that our economy is more in tune with the UK than it is with Germany.
 

johnfás

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FFS. Sterling "suited" us for 443 years??

We were colonised and forced into union with another country - as a consequence we had to use their currency - hardly the same as saying it "suited" us...
It did bloody well suit us - it provided us with currency stability with our major trading partners. Even today as Britain devalues so too is the USA. We're stuck in a currency union pretending we sell products to the other members of that currency union when the reality is we do not. Currency decisions are about mathematics and economic policy, not about faux nationalism.
 

LeDroit

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FFS. Sterling "suited" us for 443 years??

We were colonised and forced into union with another country - as a consequence we had to use their currency - hardly the same as saying it "suited" us...

Did it "suit" us to have an English garrison in Dublin Castle for 100's of years?
Does it 'suit' us that FF is selling us into slavery to Europe. Dev will be rolling tonight you traitors.
 

Neil040

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By jove what a jolly on idea...wait hold on, it is rather convenient he doesn't mention the state of the UK economy and the pound.
It is in a mess alright but I reckon they are a fairly smart bunch in power over there now and would have a lot more confidence in their ability to think their way out of a paper bag.. unlike our lot. They didn't create the mess either, inherited it.

If it could be done can see huge advantages and in our present condition is not much hope in any direction as it stands now.
 

Cassandra Syndrome

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Sterling is going to begin a 2nd round of Quantitative Easing. Inflation is already increasing with a broad level rate of 4.6%.

Apart from that, no thanks anyway. 800 years of tyranny and I value currency as one of the most integral attributes of our independence and culture.

We set up our currency, backed by Gold and Silver.
 

ibis

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http://blogs.telegraph.co.uk/news/author/danielhannan/

I bristled at the notion, full of righteous indignation and patriotism. Then I realised we do 60% of our trade with these guys and our euro loans would decrease if sterling got stronger. Hmmm.
Not 60% or anywhere near it, not for years - 16% of exports, and 30% of imports.
 

Anglo Celt

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Why don't we enter a Compact of Free Association with the US? Compact of Free Association - Wikipedia, the free encyclopedia Just an idea :confused: Or am I losing it? lol
Its not a bad idea, though we have to consider who we do most trading with. We don't do it with Europe or with the US, it's Britain, which is why it does make sense. I'm no economist, but on the face of it, it seems like a very decent option that is worth looking at. Not that I believe it will be looked it, but it should.
 

Anglo Celt

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Apart from that, no thanks anyway. 800 years of tyranny and I value currency as one of the most integral attributes of our independence and culture.
And that's the Euro? :lol:
 


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