EMU itself caused this crisis

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Verdades que os nossos provincianos não entendem:

"Ireland got into the mess because real interest rates set by the ECB for German needs were minus 2pc for much of the last decade, with utterly predicitable and calamitous results. Could any Irish government have adopted policies – financial repression, fiscal tightening, etc – to offset such idiotic interest rates? Perhaps, at a stretch. But the unbearable truth is that EMU itself caused this crisis."

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