Celtic Tiger Chained By Europe - Anthony Faiola
When Ireland entered the world's most ambitious economic alliance -- the European Union -- the Celtic Tiger roared to life. Membership in Europe's private club, along with the subsequent adoption of the euro, lured scores of multinational companies to this country and ushered in an unprecedented era of growth.But as Ireland faces its worst recession in a quarter-century, the policies and institutions that bind the European Union now represent some of the country's biggest obstacles to recovery. n surrendering monetary policy to the European Central Bank and agreeing to meet specific budget targets, Ireland and other E.U. countries are now handicapped in their ability to craft responses to specific economic challenges. As a result, economists say, the recession in Europe is likely to be even deeper, and last longer, than the one in the United States, making it more difficult for the global economy to bounce back quickly.
Note EU-Digest
This report by Anthony Faiola is totally slanted and based on views expressed by Euro Sceptics. If it was not for Ireland's membership in the EU, and the support it got to develop a modern infrastructure, the present economic crises would probably bring Ireland back to the period known in its history as the Potato Famine.
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