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The more I read and research, the more I think the EU is a scam, and our boys have fallen for it hook, line and sinker.
what did you find in your research?
They all genuinely believed in it.
Most external economists pointed out the inherent flaws and problems it would cause, famous noble economist Milton Friedman, wrote a prescient article in the late 90′s outlining why.
It reads like a summary of the last 15 years.
Germany, France, Italy, Holland are all locked in to sub-par or zero growth as far as the eye can see.
The continent will be long burst before the current strategy delivers.
The project itself is flawed, not just the regulation.
And the scam continues
The EU is a disaster. It’s only a matter of time until ‘the rules’ don’t suit the big guys anymore and then BANG little old Ireland having taken the hit for so long will be back in the mire due to ‘unforeseen crisis’ watch this space. It’s shagged.
Certainly the larger states have a habit of ignoring EU directives or having laws fudged for them.
However the Euro has destroyed their growth as well.
Germany, Holland, France, Italy all have had sub par growth or decline for 15 years.
All have seen trade with each other decline in since Euro came in.
Think that’s bad, check out EU’s own growth predications for the next 10 years… Then look at Youth unemployment figures across the med and here right now. EU bang on about tough decisions etc etc, the real tough decision that needs to be made is for somebody to admit this is a failure sooner rather than later.
Yet no one will talk about them.
The Eurozone is an economic disaster for internal trade, jobs, growth, etc etc.
It is destroying the North of Europe as surely as the South, just at a slower pace and their exports are hiding it.
We are going to have to wait a few more years, the Eurozone and EU have a cult following and loyalty.
They can’t fix it, the devaluations to bring the disparate forces in to line would destroy demand and employment in most of the continent for decades to come.
If I ever meet anyone who admits to voting for Brian Hayes I will slap them. The cost of this monster has been €8000 per head. This elephant can’t be fed and we are killing ourselves and starving our children trying.
Where do you get the €8000 per head figure from?
Ireland has paid 42% of the total cost of the European banking crisis, at a cost of close to €9,000 per person, according to Eurostat.
That’s were I got figure
“Ireland has paid 42% of the total cost of the European banking crisis, at a cost of close to €9,000 per person, according to Eurostat.”
Germany’s bank bailout cost her ~€300 billion.
Ireland’s cost her ~€65 billion.
65 billion isn’t even 25% of 300 billion.
If we didn’t even pay for a quarter of Germany’s bank bailout, how could we have paid for 42% of the whole of Europe’s.
The 42% figure is propagated by people who either can’t interpret figures correctly or more deviously, people with an agenda for whom fact does not matter.
Every single Eastern European capital has mover closer to the Viennese standard of living except Slovenia’s. Key difference, it is in the Euro.
For 15 years the Eurozone has had problems with growth, half of it has been chronic.
The ECB itself does not predict any decent growth this decade, especially in the well run North of it.
There is something far deeper wrong here than just the banking regulation.
no matter how fast you spin it this is bad news and further ties us into Euro and EU, no accountability, it means things like MARP can’t happen in response to national crises and this model is untested. It means a regulator is unaccountable and not appointed by elected government. The ECB is also not accountable and the name is as miss leading. The Emperor has no clothes.
Jobs for the boys on a European scale! All looking out for themselves!
Job for which boys? Banking regulators? Oh gawd…
An Irish politician educating us on how banks work….isn’t that a contradiction!
Most of Europe’s banks at the time were broke as well, including German ones.
They just let us take the hit and later on flooded their own ones with cheap LTRO trillions.
You have Germans telling us they are an economic miracle with 2% growth. Holland is a stable success story with bare growth for 10 years.
Sick parody.
He’s educating us about banking supervision – not how banks work.
@ Seanie: With aging populations and shrinking workforces, where exactly is the new growth going to come from?
” new pan-eurozone Single Supervisory Mechanism. ” – & so, the plot thickens…
“Staff working on the Supervisory Mechanism will not be entitled to regulate banks in their home country.”
Imagine if this had been the case in Celtic Tiger Ireland…
“Let’s remember that the financial crisis was truly European in nature and to eradicate potential future contagion, we need to develop a unified European approach.” Really????
So when people spoke out about the EU not being fit for purpose Brian, you told us it was a global issue/crisis starting with Lehman Brothers…No???
I for one certainly agree that most of our current problems are “truly European in nature”, but not exclusively. Cowards in FF, FG and LB also share that accolade.
have your say