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| *Loan,banking and credit>>>bank of ireland |
How should the central bank of Ireland react to the current financial situation in the country? |
Should it raise interest rates to control the growth or reduce it to stimulate further growth? give me reasons why for this action! As part of the Eurozone, the Republic of Ireland has no control over its interest rates; they are set by the European Central Bank (Europ盲ische Zentralbank) in Frankfurt-am-Main in Germany. The Republic of Ireland gave up its right to set its own interest rates when it dispensed with the pound (punt) in 2002. All countries within the Eurozone are bound by its terms to have the same interest rates as set by the ECB (EZB). The "Celtic tiger" bubble may burst! It's a pity Ireland handed over all it's rights to the EU but complained about the British doing the same to the Irish. Perhaps Britain and Ireland should form an Anglo-Celtic trade bloc? After all- we're from the same stock! Ireland has spent goodness knows how many years trying to get rid of the British connection, and there is still the six counties ('Ulster') that is part of the UK. If the historical baggage could be dumped, a closer tie between Ireland and Britain would be advantageous to both nations, particularly in the fields of economy and defence. Defence is vital. The Irish Republic fields about 8500 soldiers and has a navy of gunboats that are somewhat feeble. They have no jet fighters, and their anti-aircraft missile defences are minimal. This country is on Britains flank. If a resurgent Russia or anyone else needs to establish a base to attack Britain, then Ireland would be the first choice. Their armed forces would last less than a day. Ireland enjoys its financial boom, and revels in its own irresponsibility as far as security is concerned. |
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