Monday 19 February 2018

Thomas Molloy: 'The troika made us do it' is Coalition's mantra

IT is a common complaint that the troika runs the country but one can only really appreciate just how true this is by reading the wish list published by the troika every three months.

The so-called quarterly Memorandum of Understanding (MoU), which was published again yesterday, is the blueprint for the year ahead; a check list dictated by the people who pay to keep the country afloat and signed by the two men who run it – Finance Minister Michael Noonan and Central Bank governor Patrick Honohan. Almost everything else is fluff. We still have a democratic apparatus but it has yet to face down the troika on any MoU demand no matter how unpopular or unjust.

That the MoU isn't standard reading material is not the troika's fault. The Department of Finance is forced to publish the report on its website site in all its toe-curling glory. Unlike most of government documents, it is also written in commendably lucid and jargon-free prose – a reflection perhaps that the authors and target audience are not operating in their native tongues.

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