Letter: Valuable lessons to learn over Ireland

The €90 billion bail-out of Ireland (your report, 22 November) is a calamity for our friends across the Irish Sea and shows the perils of eurozone membership.

Ireland's "Celtic Tiger" economy has been left with its tail between its legs. Low interest rates designed to pep up Germany's formerly sluggish growth acted like petrol on a fire for Ireland, and the dangerous credit bubble that was allowed to develop has now well and truly burst.

By strapping itself into the straitjacket of interest rates set by the European Central Bank, Ireland lost the flexibility that could have stopped its problems becoming so severe. Now, it will have to get approval for its budget plans from Brussels - losing its last vestiges of financial independence.

Of course, Gordon Brown's mismanagement of the British economy was also shameful. But Britain is a large economy which can cope better with debt, and the coalition's firm action to reduce our budget deficit has restored the confidence of investors.

Ironically, non-eurozone Britain will now be forced to stump up 7.5bn towards Ireland's bail-out, as the cost to us if Ireland went under would be immense.

Even the European "president", Herman Van Rompuy, now acknowledges the danger that the dysfunctional eurozone could collapse under its debt.

Britain must heed the lesson - stay well clear of the euro wrecking-ball.

STRUAN STEVENSON

Conservative MEP for Scotland

European Parliament

Brussels

Even those Scots - the majority - in favour of our country remaining an integral part of the UK can get no satisfaction from seeing Ireland being bailed out by the EU and the IMF.

What the sad events in Dublin will surely ensure, however, is that there will be no more Utopian hyperbole about separation from nationalist leaders in Scotland.

To see an Irish protester with a sign reading "Famine Next!!" on the front page of your newspaper is not an edifying sight.

In or out of the EU, being very small and very vulnerable has decided disadvantages, now apparent to all but the most wilfully blind to reality.

When the dust dies down, the final result will be no break-up of the UK in the lifetime of anyone alive today.

Alexander McKay

New Cut Rigg

Edinburgh