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Colm McCarthy: If there is a vote, we'll simply have to say 'yes'

THE fiscal treaty agreed by almost all EU leaders in Brussels on Monday last 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.

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