31/05/2012

- Fiscal stability referendum: What it means for Ireland

Later today (European time), Irish voters will be asked to vote Yes or No on the Treaty for Stability, Co-ordination and Governance. The Yes campaign, lead by Ireland’s establishment parties, claim a No vote could risk European financial support for Ireland’s battered economy.

Can you briefly explain what the referendum involves for Ireland?
Essentially, a “yes” in the referendum involves accepting European common fiscal disciplines and thus forgoing a certain degree of autonomy.
The benefit is supposed to be a strong currency and greater economic stability. The downside is that the so-called discipline translates into continuing austerity at least in the short term. Its a German solution to an Irish problem.

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