Monday 29 May 2017

Colm McCarthy: A Yes vote is the correct response, unavoidable and in the country's best interests

THE fiscal treaty agreed by almost all EU leaders in Brussels has been spun as a vital component in the strategy to save the euro.

As an exercise in addressing the eurozone's twin banking and sovereign debt crises, the fiscal compact makes no worthwhile contribution. The source of these problems lies in the flawed design of the common currency, and this cannot apparently be admitted by the European political leadership.

So the treaty instead addresses a non-problem: in a nutshell, countries whose public finances are overstretched, and which consequently cannot borrow, will be forbidden from borrowing.

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