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We need to postpone ratifying the ESM Treaty until After the the Fiscal Treaty referendum
national |
eu |
opinion/analysis
Tuesday March 06, 2012 19:41 by O.O'C. - National Platform EU Research & Information Centre janthonycoughlan at gmail dot com 24 Crawford Avenue, Dublin 9 01-8305792
The relation between two different treaties we are asked to ratify, which people Need to understand The Government's announcement of a referendum on the so-called "Fiscal Compact Treaty" (properly titled the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union/TSCG) calls in question its original intention to introduce the quite different European Stability Mechanism Treaty (ESM) to the Dáil for approval of its ratification on Tuesday or Wednesday next, or else sometime in the present pre-Easter Dáil term, as the Taoiseach recently announced. The ESM Treaty would set up a permanent Eurozone bailout fund of at least €500 billion form this July - an economic firewall against sovereign debt "contagion" spreading to Spain and Italy. It has to be ratified by all 17 Eurozone States by their appropriate constitutional procedures. The ESM Treaty would commit Ireland to contributing €11 billion to the permanent Eurozone fund - so much money up front and so much in guarantees called "callable" capital later if required. There is already talk of boosting this fund by another few hundred billion once it is established, to which Ireland would naturally have to make a contribution also. |