The full Budget Submission can be downloaded here
The European Central Bank should bail out people, not banks, according to Smart Taxes, a tax policy think-tank as part of a detailed Budget Submission.
“The ECB should disburse a trillion euro to the member states on a per capita basis to reduce debt, bypassing the banks and bond market.” said Emer O’Siochru, director of Smart Taxes.
Smart Taxes has given showing that Euro-zone governments need not depend on appeasing bond markets for funding.
“The EU can deliver on Lisbon promises of jobs and security and preserve the Euro if it directs the ECB to use its full powers to create money directly.”
“The support given to banks has not helped and will not help to revive the economy. Banks will not lend unless there is demand and to stimulate demand we need money to go straight to the people who will use it. “
With such a scheme, Ireland would receive over €14 Billion, enabling the Government to pay debt and invest in the future with a Job Guarantee Scheme. The priority must be to keep young people at home and enable them to rebuild the economy.
“The Government’s uncritical support for the banking sector will not stop emigration. If we do not create jobs and opportunities here, the country will have no future.”
The Job Guarantee scheme would employ thousands of people in environmentally and socially useful work, allowing the unemployed to gain qualifications and experience, while allowing them to transfer into private sector as the economy picks up.
The Job Guarantee sees the Government take the role of Employer of Last Resort, so that it could use Guarantee workers to develop crucial economic and environmental infrastructure.