Europe to blame for economic woes

Dear sir - I wonder if people ever think about the causes that have landed us in this difficult recession? I agree in part with Minister Brian Lenihan who correctly pointed out it was low interest rates from the ECB, and a glut of cheap labour from Eastern Europe which led to the Irish economy overheating and eventually contributed to this sharp downturn. The ECB was lending money at a two per cent interest rate, when a rate closer to, say, eight per cent was necessary to cool the housing market. The main problem is that by the Maastricht Treaty, we handed control of our interest rates over to the ECB and, since that time, they have been appropriate for Germany but detrimental to Ireland. A prime example? Last autumn, when the Irish economy was going through the floor and needed the lowest interest rate possible, the ECB was raising the euro interest rate to suit a recovering Germany and France. The arrival of half a million people from Eastern Europe after 2004, facilitated by the Treaty of Nice and the Government, led to an explosion of apartments being built to be let out to incoming workers - what a pack of cards! Sadly unmentioned by Minister Lenihan was the related fact that, since 2004, that a vast number of manufacturing jobs have been lost to Ireland because factories have transferred to Eastern Europe. It was the FF government which told us to vote 'Yes' for Nice, but in 2007, 90 per cent of all new jobs in Ireland went to non-nationals. Last year, €2 billion was sent in remittances from Ireland to Poland (according to the Polish ambassador) and this year €22 million euro will be sent in child benefit to children who live, not in Ireland, but in Eastern Europe. We weren't told this would be a consequence of Nice, were we? Lisbon advocates now tell us that Lisbon is needed for the EU to expand further into Eastern Europe and Turkey - an economically backward country of 75 million citizens. Only a turkey would think we're going to vote for more cheap labour competing with Irish workers for jobs while European Court of Justice decisions allow native workers to be undercut by lower wage rates by new EU workers posted from abroad. The good times are over, so economic self-interest will have to begin. The best start is a 'No' vote to Lisbon. Yours, Brian McDermott, The Saltings, Annagassan, Dundalk, Co Louth.