Obituaries

More in: Obituaries
next
prev

Who's Online

We have 48 guests online

myspace profile counters

Facebook MySpace Twitter Digg Delicious Stumbleupon Google Bookmarks RSS Feed 

UL Economist Says Ireland Needs Own Sovereign Monetary Policy

Business & Finance - Economy

A senior economist at the University of Limerick (UL) has said the Irish Government has no alternative but to implement unpopular policies in a country without its own sovereign monetary policy.

Professor Stephen Kinsella, in an interview with The Christian Science Monitor, said: “The big story of 2009 and 2010 is fiscal consolidation – to what extent did the finance minister stop the wheels coming off the bus? Well, we have a yawning budget deficit that is being plugged by borrowing”.

He added: “The problem is we cannot devalue our currency or pursue quantitative easing policies like the UK has done, so all of the adjustments come through the wage channel. This means more people have to lose their jobs, more people have to endure pay cuts and see living standards fall."

"A prominent German economist said to me at a conference, 'would you stop pretending you are a country' – and he's right," commented Mr. Kinsella.

 

Stephen Kinsella UL from CFA Ireland on Vimeo.

Herald Video News


Markets - Clare companies

Loading
Chart
o MSCC 16.14 ▼0.20 (-1.22%)
o DRIV 27.25 ▲0.16 (0.59%)
NASDAQ:MSCC

MSCC

Company ID [NASDAQ:MSCC] Last trade:16.14 Trade time:3:33PM EDT Value change:▼0.20 (-1.22%)
NASDAQ:DRIV

DRIV

Company ID [NASDAQ:DRIV] Last trade:27.25 Trade time:3:33PM EDT Value change:▲0.16 (0.59%)

Currency Exchange




Herald Poll

Which of the following would you vote for to become President Of Ireland? (None of the below candidates have yet confirmed they will be running)