Business Irish

Monday 20 November 2017

Majority of companies want EU treaty ratified

Lyndsey Telford

THREE out of four business chiefs think it is important for Ireland to adopt the European fiscal compact, a new survey has revealed.

Some 73pc said ratifying the treaty was necessary to ensure future growth for business, compared with 13pc who claimed it was unimportant.

The survey, conducted by the Irish Business and Employers' Confederation (IBEC), also found that 88pc of chief executive officers supported Ireland's eurozone membership.

IBEC director of policy Brendan Butler said Irish business remained supportive of Ireland's ties with Europe despite the tough economic times.

"The fiscal treaty is an important step towards restoring confidence and ensuring that future economic growth in the EU is put on a sustainable footing," said Mr Butler.

"This view is also reflected in the overwhelming support for ratification of the new fiscal treaty."

The treaty aims to strengthen economic control from Europe, which will see stricter budgetary rules put in place and penalties for states who fail to uphold them.

Mr Butler said the view was that Ireland and the EU could only overcome their economic challenges together and with agreement.

The survey of almost 300 CEOs was carried out throughout February -- nearly two months after European chiefs first drafted the treaty in Brussels, with 25 of the 27 member states agreeing to sign up.

Attorney General Maire Whelan is looking at the text of the treaty to determine if a referendum is legally required.

Irish Independent

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