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Hopefully lessons have been learned - by all sides from that debacle - the ECB has since moved to make junior bond holders the first line of liability. That debt is still on the Irish government books despite a massive turnaround in economic fortunes since. But much of that economic turnaround was also enabled by ECB policies in the meantime, with QE providing v. low cost finance for the national debt to the point that the interest burden now is less than it was after the economic crisis of the 1980's - before the advent of the Euro.
It is perhaps this history, and this experience which makes me and c. 90% Irish people such pro-EU advocates. Most would trust the ECB/Commission before we would trust our own financial watchdogs. The peculiar perspective from a very small state with a very open economy makes us appreciative of whatever small mercies the Draghi ECB visited upon us.
We are still close to being captured by global corporates, and particularly by US ICT corporates like Google, Microsoft, Facebook, Apple. Our government could/would never have contemplated what the Commission has done in seeking to rein in their most egregious tax and regulatory excesses. We need the EU to do what our government simply hasn't got the bargaining power to do. Perhaps this is a particular "small country" perspective, but let us not forget the the bulk of the remaining 27 EU members are economically small countries. The view from France/Germany may be somewhat different.
Index of Frank's Diaries
by fjallstrom - Jan 16 4 comments
by IdiotSavant - Jan 15 62 comments
by Frank Schnittger - Jan 12 83 comments
by Frank Schnittger - Jan 7 36 comments
by Oui - Jan 7 103 comments
by Frank Schnittger - Dec 26 43 comments
by Oui - Dec 28 21 comments
by Oui - Dec 26 17 comments
by Oui - Jan 171 comment
by fjallstrom - Jan 164 comments
by IdiotSavant - Jan 1562 comments
by Oui - Jan 154 comments
by Frank Schnittger - Jan 1283 comments
by Oui - Jan 91 comment
by Oui - Jan 82 comments
by Oui - Jan 84 comments
by Frank Schnittger - Jan 736 comments
by Oui - Jan 7103 comments
by Oui - Jan 56 comments
by Oui - Jan 3
by Oui - Jan 36 comments
by Oui - Jan 21 comment
by Oui - Dec 313 comments
by Oui - Dec 2821 comments
by Oui - Dec 278 comments
by Frank Schnittger - Dec 2643 comments
by Oui - Dec 2617 comments