EU wants us to bow and scrape
BY ROBBIE MacGABHANN
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While the Irish government have the exclusive authority to
decide on specific corrective measures, it could consider any of
the following areas: restraining the growth in current
expenditure, phasing and prioritising capital expenditure
projects, or offsetting or postponing tax reductions.
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These are some of the most important words written about the
26-County economy over the last 30 years. They are part of draft
European Union (EU) Commission recommendations to the Dublin
government about how it should conduct its economic policy.
In simple English, it says that the coalition government should
in a period of unsurpassed wealth and prosperity and financial
surpluses spend less money on day-to-day expenses. It says that
that the government should invest less money on long-term
development projects and that tax cuts proposed last December
should not be implemented.
Right now, the growth in the `tiger' economy is being driven
partly by the investments begun nearly 20 years ago in
telecommunications, in third level education and other
infrastructure projects.
It is vital that new long-term investment is kept up in the
economy, especially in the underdeveloped west and border
regions. The EU Commission seems not to care about this.
The December 2000 budget was one where the issue of taking the
low paid out of the tax net was finally addressed, albeit in an
unsatisfactory manner. Now the EU wants to step back from this
small positive reform.
Even more disturbing is the comment from one EU Commission
official that ``they would do well to show some humility''. Why?
Have we really reached the position where when it comes to be
forming economic policy we have to be humble.
It seems that having escaped one undemocratic and oppressive
union we have entered another where once again we are expected to
doff the cap and bow.
No thank you.
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