Wednesday 22 November 2017

Treaty truths

• The fiscal treaty is troublesome, bothersome and tiresome. People feel troubled by its implications, bothered by its complexity, and tired and weary of the rhetoric thrown about by both sides.

Voting Yes would make the austerity permanent, writing into national law a requirement to cut budgets or raise taxes here for as long as general government debt is more than 60pc of gross domestic product.

What is lacking is a parallel growth pact. Taking money out of the economy and restricting borrowing for investment, which is what is required under the fiscal treaty, is damaging to the economy in the longer term.

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