Should We Be Grateful to the ECB ?

Campaigners for ratification of the Lisbon Treaty suggest that, as Finance Minister Brian Lenihan put it

When we vote in the referendum on the Lisbon treaty on 2 October next, I hope no one forgets that the European Central Bank stood behind this country during its time of greatest need.

I am grateful. Absolutely and unreservedly so. We are so fortunate that we have a central bank for the Euro-zone that not only can fulfil but is fulfilling one of the core competences of a central bank.

Mind you, what is usually left out of these discussions is a recognition that, if Ireland had not joined the Eurozone in the first place, many of our banking problems would either not have arisen, or would have been of a different, probably less serious, character. However, that is not a criticism of the ECB, or even of the EU generally, which did try to deflate some of our politicians' and bankers' overblown enthusiasm, and only got abuse in return.

That said, there is a limit to the amount of gratitude which it is appropriate to extend to a body that is simply doing its job. Furthermore, it escapes me why such gratitude should include voting for constitutional changes of no relevance to the ECB.