Central bank governor rules out use of veto

An insight into the minds of our politicians. You really wonder do they know what they are doing at all?

independent.ie/business/euro … 36117.html

I think we need Hurley out and Tom Parlon in. Then there would be no more of this “Worrying” trend of looking after a single european currency from the point of view of Europe as a whole. We have shoeboxes to sell here for gods sake, and we all know its all the Euro’s fault.

Desperately sad.

I didn’t see them pressurising the ECB when the rates were too inflationary for our economy.

Or indeed introducing any measures themselves to cool off the economy.

What is it with these people (politicians) do they not realise that nobody in Europe gives a f*** about some grubby little country about to fall off the western edge of Europe all because the so called leaders havent a dogs notion how to run an election never mind a country.

Are they so full of their own importance not to realise the 0.8% of the Euro population they make up? Talk about the tail trying to wag the dog, jesus :exclamation:

Our slimy politicians blame the EU for the bad things and claim personal credit for the good things. They wonder why there was a NO vote to Lisbon while bullshitting about respecting the “will of the people”.

How about showing some respect for EU institutions? The ECB has a clear mandate to control inflation and money supply in EU. Hurley has a mandate to monitor lending by banks in Ireland.

Having totally failed to do his job here, our politicians now want Hurley to go Frankfurt and tell the ECB how to do theirs?


Give it a rest Joan. Seriously.
You’re embarassing yourself now.

The last time I saw that sort of naivete was the guy who called the local radio station in 1990 saying we shouldn’t send a team to the World Cup in Italy, because we couldn’t afford to host it next year if we won.


But she’s right, though, we have no problem with inflation here that would cause us to want to raise interest rates to control it even if we weren’t in the euro zone… ah, um, er… So how do you become a finance spokesperson for the major parties? By being a solicitor is it?

Nice anecdote.

Some of our glorious leaders would go to Fat Camp and then try to become popular by calling for Snickers Bars to be provided with every meal.


If Hurley was to be looking after Irish interests in the ECB, he would have needed to look for a 2% rise in rates last time out.

Repeat after me

The Mandate is Price Stability.
The Mandate is Price Stability.
The Mandate is Price Stability.
The Mandate is Price Stability.
The Mandate is Price Stability.

I am sure the other regional governors look to Hurley and others for information on what is happening around the regions of the Eurozone.

But then they weight the information appropriately and make their decision. He knows this, he does the same and all regional governors would do the same too.

To act in the way as requested in that article would make him a laughing stock. It would be trés unprofessional.

If Hurley did his job originally, he might not be in this bind.

Seriously people,

Imagine if, prior to our Euro membership, the country had allowed the Aran islands to veto central bank decisions on the basis that the rates set to suit the main engine of the economy (greater Dublin area & Cork) didn’t suit them.

That is basically what is being suggested here. Ireland is not a player in the Eurozone or Global economy. ECB rates are set to keep Germany, France and bits of Italy ticking over. Similary, Mississippi, Arkansas, West Virginia or any of the lower incomce states in the US play very little in the minds of those Federal Open Market Committee members setting rates to keep everything on an even keel in California, Massachusetts, Maryland or New York.

But I’m sure that’s all lost of the small town, small time, small minded, both eyes on the next election politico “cute hoors” we enjoy the “leadership” of here.

Yes the Central Bank may have turned a blind eye to the bubbles in the property sector. They did issue warnings at the start of things, but, without any teeth to implement sanctions of the lending institutions (another far sighted decisions from the FF led administration) they were wasting their breath. Eventually, the situation became so grave for the lenders that, with a remit to maintain stability in the Irish banking system, the CB was left with no choice but become a cheerleader for the lenders.

Blue Horseshoe

Agreed. Joan was only harping on a few weeks ago about NE. Why didn’t she take the time to take him to task about his lack of leadership during the 2002-2007 debacle?

There seems to be a lot of effort going into getting into a position of being on the little guys side. Complaining about high interest rates, complaining about negative equity.

No acceptance of the fact that there’s nothing you can do about interest rates, and negative equity is what happens when houses get cheaper, which is what they were wringing their hands about a year or two ago.

I stupidly assumed that more affordable houses, meant cheaper houses. It seems people like Joan Burton had some other idea. was the plan all along going to be that the state would start buying houses for everyone?

If that was the plan then what’s the problem? I’m sure the state could snap up some great deals by buying out stressed developers. I’m sure the banks would only be too deligthed to lend money to borrowers who have the state plonking down a 40%-50% deposit (which is what it would take to make the houses widely affordable).


Yep. This is populism writ large. The supposedly leftist Labour party jumped on the Tiger bandwagon during the boom with a view to courting popularity. Now, they stick their finger in the air and decide that the wind is blowing in the opposite direction and begin to tailor their statements and (presumably) their policies, if they actually have any, accordingly. FF and FG the same. Even SF at the last election, jumped on board the corporation tax bandwagon with a view to increasing their “market share” of the vote despite the fact that it went against everything they supposedly stood for.

Statements such as the above from Ms Burton merely confirm that the political establishment are not only inept but utterly inconsequential to boot. The most we can hope for from them will be irrelevant soundbites from here on out as ne’er a one of them seems to actually understand what is going on. They are not leaders. They are followers. The agenda is being set elsewhere

As others have said above, they were quick enough to take the plaudits for the Celtic Tiger, yet they will now attempt to hold the ECB responsible for the recession. And will our media watchdog hold them to account or demand answers? Will it f*ck. Escapism will be the order of the day. We’ve already begun to get weekly Sindo reports from Marbella to where “the Irish” are apparently fleeing in droves to escape the doom and gloom back home.

The Celtic Tiger’s coffin ships, courtesy of Mick O’Leary, full to the brim with pot bellied perma-tanned twats with over sized sun glasses.

independent.ie/national-news … 36189.html

independent.ie/national-news … 28489.html

Burton’s carryon is more about Labour’s need to reposition itself among working-class voters and less about what Hurley should do for dear old Ireland. Working-class voters overwhelmingly rejected Lisbon and Gilmore has been paddling furiously since to head off the challenge from the Shinners. She knows full well that Hurley must follow ECB rules of only considering the Eurozone as a unit when setting interest rate policy. This is just posturing.

And this weeks offering…

independent.ie/national-news … 41722.html

Oh my Gawd :open_mouth: