Thursday 19 October 2017

How will we use latest 'triumph'?

IN THE aftermath of the 'seismic' EU banking deal summit, it might appear tendentious to ask about the broader consequences of this 'triumph'. But the Good Friday Agreement should teach us: the long-term realities that always follow the initial hoopla that surrounds 'hype and history', have a habit of providing more questions than politicians can comfortably answer.

In our case, now that the excitement at mere survival has calmed, it is becoming clear that a more accurate summary of this summit is that it represents a stepping stone rather than a final solution to our woes.

The Government has quite correctly decided that one key stepping stone towards regaining our former independence is the restoration of the fiscal sovereignty of the State. It is an understandably attractive political aspiration that, like Collins observing the British Army marching out of Beggars Bush in 1922, Messrs Gilmore and Kenny will in 2013 be in the happy position of waving goodbye to the troika. However, while it represents a real change for the better that Ireland may be moving towards securing the 'freedom to borrow', the Government's work has only begun.

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