Northern Ireland

Sinn Féin MEP Matt Carthy says Euro needs fundamental reform to survive

Matt Carthy MEP commented on the "celebrations" of the 20th anniversary of the Euro currency in Strasbourg this week. Picture Hugh Russell
Matt Carthy MEP commented on the "celebrations" of the 20th anniversary of the Euro currency in Strasbourg this week. Picture Hugh Russell Matt Carthy MEP commented on the "celebrations" of the 20th anniversary of the Euro currency in Strasbourg this week. Picture Hugh Russell

Sinn Féin MEP Matt Carthy has said that the Euro needs fundamental reform to be able to survive.

He made the comments on the 20th anniversary of the currency in Strasbourg this week.

Mr Carthy is a member of the Economic and Monetary Affairs committee and says the Euro has resulted in mixed fortunes for many, relating to what social class you are and country you live in.

He said: “The most striking thing to notice as we mark the 20th anniversary of the introduction of the common currency is the fact that the deep structural flaws in the Euro revealed by the financial crisis remain firmly in place.

“The Euro is not just notes and coins; it is a system of rules. Since the crisis, the failed policies of austerity have been implanted even more firmly in the structure of the Eurozone."

Euro banknotes and coins were introduced in the Republic on January 1, 2002, after a transitional period of three years when the Euro was the official currency but only existed as 'book money'.

The MEP added: "If the euro is to survive as a common currency, we need to rewrite the rules that underpin its existence. If we don't we will be in an even worse position when we are hit by the next inevitable financial crisis."