Ireland Developed Plan in Case of Euro Collapse in 2011

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The plan was elaborated in late-2011 when Italy was in the center of the EU debt crisis and leftists took the seats of the Fine Gael party in the Irish Parliament.

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The Irish Economic Management Council developed an action plan in case of euro collapse when the eurozone suffered one of the most severe economic crises, Minister for Public Expenditure and Reform Brendan Howlin said.

According to the minister, the plan was elaborated in late-2011 when Italy was in the center of the EU debt crisis and leftists took the seats of the Fine Gael party in the Irish Parliament.

Howlin added that Justice Minister Maire Whelan took part in the development of the plan.

Howlin spoke about this "elaborated and detailed" plan for the first time. The minister said that the plan presumed returning to the Irish pound as well as enhancing of the bank security.

"We needed to make up a backup plan in case of euro failure. There were frightening times," Howlin told in an interview with The Irish Times.

The outlet added citing the politician that the Economic Management Council played the key role during the coalition rule. After its win in the 2011 elections, Fine Gael reached an agreement with the leftist Labor party on forming a coalition.

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