Monday 18 December 2017

Brendan Keenan: Battle lines are drawn for referendum

THIS time, it's different. They say those are the most dangerous words in financial markets but this time, surely, it is different. It certainly feels like it.

Aside from the original decision to join the EU (EEC as it was then), all subsequent referendums were about developments in the European idea. This one is about a response: a response to a crisis which threatens the whole European idea.

It will, however, lead to developments every bit as dramatic as any previous referendums had to address. The fiscal compact, or union, will change the way in which members of the euro deal with their domestic budgets. It may be only the start.

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