Yes, it's that man Cranmer again, the one who rather pompously always refers to himself as "His Grace". He's waffling on about Ireland again, and how their new government is actually powerless in the grand scheme of things, despite trying to sound different. He says "Gael or Fáil – it doesn’t matter which centre-right(ish) party is in office, their sovereignty has been removed: they have no power.". But the point really is: Does "His Grace" realise we live in a fallen and inter-connected world economy? Does he think that if Ireland had never joined the Eurozone or EU, they'd have more power?!
They would still be a small open economy, reliant on others to trade with them, and reliant on the interest rate decisions of larger neighbours due to running a flexible exchange rate and not having capital controls. They'd have been in as much trouble in or out of the Eurozone, as their bankers would still have run riot in just the same manner - given the Financial Crisis was a pretty global thing, even "His Grace" can't pin that one on the EU.
So even had they not had the bail out, they would still have been crippled by the behaviour of their bankers, had their government done what others done, and bailed out the banks, because instead of having the current repayments, they would have much higher interest rates on any debt they wanted to take out. And austerity, now a global by-word for economic illiteracy, is everywhere and hence even had Ireland not needed to, they would have been forced into it, in or out of the Eurozone.
I'm sure someone will say: But they could have devalued if they weren't in the Euro. Sure. Because the depreciation (that's the word these people are really looking for in this age of floating currencies) has really helped the UK, hasn't it? Our manufacturing is really leading us in an export-led recovery, and we're loving how expensive all our imported goods are, aren't we?
So even were Ireland not reliant on the Eurozone/IMF after the bail out, they sure as anything wouldn't have had any more power than they currently do. It's just not quite how a fallen (second best) world works. But that kind of thing distorts the rabid anti-EU sentiment of many right wingers. Why let the truth get in the way of a good story?
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