Madam, – In 2002, Irish pounds ceased to be legal tender and were exchanged for euro notes at a conversion factor of 0.78 Irish pounds to the euro. The European Central Bank then charged lower interest rates than the Central Bank or the Bank of England and fuelled a crazed property boom which has now ended in tears.
Thus began the destruction of the Irish economy and the integrity of an Irish currency which had been carefully monitored since the foundation of the Irish State.
It amazes me how few economists or financial experts will acknowledge this fact; instead of heaping the blame on the UK government for not joining the euro, we should strongly consider leaving the euro and re-establishing the Irish pound at the original 2002 conversion rate.This would make Irish jobs more competitive, reverse the cross-Border trade flow and give the Central Bank control over fixing interest rates best suited to the needs of the Irish economy. – Yours, etc,