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THE PRESIDENT of the European Central Bank has indicated that the result of Ireland’s referendum on the Fiscal Compact was not intended as a bargaining chip for securing a deal on its banking debts.
Speaking to reporters after the bank’s governing council met in Frankfurt, Mario Draghi said he did not believe there was “any ground or statement for a quid pro quo” linking ratification of the deal to an arrangement allowing Ireland to restructure its banking debts.
“I think decisions ought to be taken for that they are,” Draghi said, “and that’s what we see”.
He added that the result of the referendum showed that “the Irish people consider fiscal consolidation, and fiscal stability, a basic pillar for growth and for further European integration”.
“It’s really a testimony of their responsibility, and for this they should be complemented.”
Later asked about the European Commission’s forecast for Ireland’s economic growth, Draghi commented that Ireland had already made “substantial” progress in both its fiscal consolidation and in restructuring its banking sector.
“We already see the signs,” the Italian said. “You see spreads going down for Ireland, probably much more than any other country.
“If one says that Ireland continues in these efforts, the return to market access is not a far distant perspective. It could actually be much closer than we all expected until, I would say, nine months ago.”
The meeting of the bank’s board of governors had earlier decided to leave the ECB’s main interest rates unchanged at its monthly meeting in Frankfurt – though the decision was not unanimous.
It had been speculated that the bank may have cut its rates by 0.25 per cent in order to stimulate economic activity within the eurozone.
Draghi had earlier said economic growth in the eurozone remained “weak” with “increased downside risk”, and called on EU leaders to consider their policies towards fiscal integration – hinting that the bank was not willing to take major policy decisions ahead of the meeting of the European Council in three weeks’ time.
To further underline this point, he argued that the ECB now stood “ready to act” when it was appropriate to do so.
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Ah 2015…..if I get through 2013 I’ll be delighted
Potential for a million jobs doesn’t mean it will happen. His words are carefully choosen. Bet he never say there will be as he knows more than likely it won’t happen.
It’s all smoke and mirrors trying to build hope but not delivering.
Each town in Ireland could easily have it own biogas plant about averaging 1mw in size, that would create 30 jobs in construction, about 5 jobs whilst operating. Each plant would power 1000 homes. This isn’t unrealistic, in Northern Ireland 30 biogas plants currently been granted planning permission and another 50 plants in
planning process.
David the construction of these bio gas elec generators are far from cheap. Like wind power they are not costed either and it is questionable how viable they are $.
Dec, biogas plants are indeed expensive, but remember they produce Products that can be sold namely Electricity, heat, fertilisers and compost. They utilise local energy crops and biodegradable materials which is otherwise wasted in landfills
Yeah I agree David but the cost vs expected returns is not good enough to justify the cost.
Ireland got on board early with IT to take advantage of the DotCom boom which started the Celtic Tiger. Lets hope the same can happen here.
We can create a lot of Jobs and Businees, in Hydro and wind power. But we haven’t the proper political systems, to promote it and we’d probably end up ripping everyone off. We have so much potential, but greed blinds us!
just because the word green is used doesn’t mean it is.
wind farms need a power station on standby burning resources as electricity can’t be stored are ready to supply into the electrical grid at moment notice.
all windfarms need heavy grant aid and subsidies to be built and maintained.
but sure stick green label on anything and it’s automaticly good…
You are so right Tom.
Exactly Tom. The other problem I see is the new windfarm development scam. Hire a local developer, stuff his pockets with money, threaten or buy out the local population. Get planning and EIS done and sell the lot back to the initial funders, a German windfarm company that can only operate with subsidies from the EU.
You’ll have a few temporary jobs in the construction sector, but when the turbines are there, it only takes 5 Germans to run the whole lot.
The better way would be to power individual houses or neighbourhoods directly with one or two turbines. The people can choose where to put them and have a say in the whole process. They would in the end be independent. Have the larger windfarms somewhere out of sight, maybe off-shore.
It’s certainly greener… but first thing to do would be to stop wasting so much energy – energy conservation – so insulate homes to a high standard – it people could get this done at a really low cost and pay it back, say, on their energy bills over a period of time, the government could provide the insulation works and this could employ a lot of people. And what about stuff like geothermal, where any rural house with a bit of land can get their water heated simply from the heat in the ground. Could also insulate all public buildings and make them more energy-efficient. With all this stuff available, as well as solar, you have to wonder whether there is in fact any will among the public in general and successive governments to take measures that would benefit the environment, protect the future of our children and their children, and create employment…
It is also a shame that we have to import so much organic produce because there is not enough supply in this country – Ireland could build a brand as a green and pleasant unpolluted land (which is not at all the case in fact) and promote and export more natural, organic and artisan products.
Think the smaller individual wind turbines tricky to get right – you can’t have any tall trees or buildings anywhere near, you have to have constant wind, rather than gusting, etc – they don’t work in most domestic applications. But what about solar and conservation? There are so many solutions, but no will it seems. We cannot carry on with fossil fuels for so very many reasons – it is just so obvious.
When the Green Party were in power with FF they threw the green agenda in the bin.What a bunch of two faced hypocrites they was.
Having taken into account both the article itself and the opinions of those that have commented on it…
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I’ve come to the conclusion that Michelle is lovely.
Nice to see my journalism degree is paying off!
Michelle is indeed lovely and smart!
Green economy! He means emigrating doesn’t he?! He’s probably right. Abandon ship
Those wind farms kill eagles and endangered bats. They are far from green friendly. They also ruin our countryside just so a select few can make millions.
There are plans in “Britain” to use the bog of Allen as a wind farm and directly link it to the UK… now if the employment for construction and maintenance to service these that’s he on about… bad news for Irish environment worse news news no long term benefits to state coffers and Irish employment. Great news if your British cheaper power without the negative view points of windfarms.
yes. The whole thing is a complete sham driven by a lobby that use the green label to make millions. Its sad that the Irish people fall for it. The Brits have copped on to this lobby so they have their eyes on here now. I fear for our native Birds of Prey and the destruction of our beautiful countryside. They dont even work when you need them most and the output is totally not cost effective.
There’s no way the government will give up fossil fuel, the revenues are far too high. The spirit of Ireland project is the way forward.
There could be serious manufacturing on the west coast with ample water, good work force and cheap power if it went ahead.
There’s no vision, keep on living of the high taxes from oil and gas.
Absolute spin… Nothing more. They seem to have forgotten about all the oil and gas reserves being discovered off our coasts…. Massive industry and handled correctly could play a major part in the recovery.
Pull the other one Bruton! “Green-Jibs” it’s like pouring money into a black hole.
What about a stimulus package like Obama’s green stimulus package? Sounds good to me… insulate government buildings, insulate homes of poorer people, he plans to create 5 million jobs, invest in sustainable energy R&D.
http://www.guardian.co.uk/commentisfree/2012/aug/27/why-obama-should-run-success-stimulus
Ireland could drop radically unemployment. What to do:
1. Decreased for about 5% any benefits
2. Money saved, fully invest in green energy.
3. Tell wind farm companies to open factory here if they want do business with Irl – first jobs
4. Wind farms maintenance – next jobs
5. Energy generated by turbins provide for little money or even for free to companies whos profil base on electricity like datacenters etc – next jobs
5. Not sold energy export via UK link or subside companies who in Ireland already making them more atractive.
6. Build huge lake where spare energy will be filling water during windy days and use this lake as a hydropower during quiet days.
7. Unemployment people will have priority in those jobs.
Because government have to spent this money anyway in some sort of benefits means money is here, they will have to reallocate it. Not that difficult think
I think its a step in the right direction. Ireland is about 5-10 years behind the ROW in accepting green tech. Its interesting no one has mentioned pv. Wind biogas all these tech is costly and usually just the fatcats make money. Microgeneration via pv works. And the average joe can benefit from it. Its actually really cheap and can be put up anywhere. And it doesnt need any incentives just a bit of planning. Low to no maintenance. True 0 carbon. And by far the largest and most sustainable renewable product in the world. Lol. And yes it actually works very well in our irish climate. And yes we dont have to go the route if incentives. But it will kickstart it.
Tis a no brainer!
Lol. First half got lost. Essentially putting up wind fams and large installations is no diffirent than building power stations except its green. But one or two large govt organizations still own it like esb etc. so once they need more money for bad management and bad choices yes they will just pass it on to you the consumer. The only way to bypass that is to generate your own electricity at source. And using a low maintenance product. Even with no support from govt pv will still work. Its proven. And you dont have to sell power to the grid but it is a bonuss if you can. Why are we always so concerned about needing govt to help us. They need us. Our votes. Our taxes. Our business. Microgeneration via the likes of pv gives the average joe soap living in the city and country the chance to start controlling some if not all of their power needs. Its a dawn of a new era. Just will ireland embrace it as the rest of the world has including northern ireland
by not having to worry that esb will raise its prices which will be needed for maintaining wind farms. Same as whats happening in the uk now and the ROW give the power to the people not the goverment and fatcats. :-) and pv does do this. Check out solarcity they are a prime example. Ireland can create work and save money with out the gov.
More spin. Apart from education anthing I ever saw that was heavily grant aided to encourage you to purchase was a waste if time except for the govt cronies that are flogging it. It will creat nothing only headaches !
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