Madam, - The Bank of England has increased interest rates four times over the past year in response to signs of strong economic growth. The leaders of France, Belgium and Italy (Business Today, June 10th), which have lagging economies, are attacking the European Central Bank for not lowering interest rates.
It appears to have ducked the radar of our authorities, but the Irish economy has been overheating for the past 10 years; prices of everyday goods are now higher than in almost any other country. We cannot apply the customary brakes - raising interest rates or revaluing the currency. These actions would not be in the interest of mainland countries in the euro zone.
Irish economists, financiers and national strategists keep stoking the fire. They dish out seemingly endless credit and forecast more years of growth. The social consequences will be future turmoil as all areas of society strive to share in the bonanza. Members of the above professions have known this for a long time, but for some reason are publicly tongue-tied. The Irish people will not gain by this silence. - Yours, etc.,
JOHN F HIGGINS, Allen Park Road, Stillorgan, Co Dublin.