Fine Gael MEP for Dublin, Frances Fitzgerald has welcomed today’s vote by the European Parliament to approve Christine Lagarde’s appointment as the new President of the European Central Bank (ECB).
Speaking in the European Parliament in Strasbourg today, she suggested that the incoming ECB President should focus on regaining the trust of Irish people in EU economic policies.
“The ECB will embark on a new chapter with Christine Lagarde. But she faces similar challenges. Trust in EU institutions has remained below 50% since 2008 - a clear sign that the EU is still suffering from the after effects of the financial crisis.
“Irish citizens went through many years of enormous hardship during the crisis - experiencing tax increases, unemployment problems and cuts to services and wages. While we have had some years of sustained economic growth since then, legacy issues still
remain.
“If the ECB is to regain trust and repair the relationship with Irish people, it needs to listen to the concerns of citizens and clearly explain the reasons for any decisions it will make.
“Irish variable mortgage rates are double that of Eurozone average rates. Our banking system is highly concentrated with little outside competition. Ireland needs more support from EU institutions to repair our banking system and to further relieve Irish citizens from the continuous burdens that are still being felt since the financial crisis.”
ENDS