Upcoming Events

National | EU

no events match your query!

Blog Feeds

The Saker
A bird's eye view of the vineyard

offsite link Moveable Feast Cafe 2020/05/31 ? Open Thread Sun May 31, 2020 20:00 | Herb Swanson
2020/05/31 19:00:01Welcome to the ‘Moveable Feast Cafe’. The ‘Moveable Feast’ is an open thread where readers can post wide ranging observations, articles, rants, off topic and have animate discussions of

offsite link The World Upside Down Sun May 31, 2020 05:05 | The Saker
by Jimmie Moglia for The Saker Blog The Coronavirus phenomenon has left so many attired in wonder that they know not what to say ? including the undersigned who runs

offsite link Hillary Clinton?s Achievements as Secretary of State Sun May 31, 2020 04:58 | The Saker
by Eric Zuesse for The Saker Blog Some people say that Hillary Clinton had no achievements as the U.S. Secretary of State; but that view is factually false. She had

offsite link Beijing sees Trump?s hand and won?t fold Sat May 30, 2020 18:51 | amarynth
by Pepe Escobar – posted with permission With Sinophobic hysteria reaching new heights in US, China’s counter play is a massive new economic plan Stranger things have happened. Everyone was

offsite link Corona proving the loser of the Cold War was both the USSR & the USA Sat May 30, 2020 18:41 | amarynth
by Ramin Mazaheri for the Saker Blog It is often boasted in the US that they forced the implosion of the USSR via military overspending, as if recklessly creating a

The Saker >>

Human Rights in Ireland
A Blog About Human Rights

offsite link Human Rights Fri Mar 20, 2020 16:33 | Human Rights

offsite link Turkish President Calls On Greece To Comply With Human Rights on Syrian Refugee Issues Wed Mar 04, 2020 17:58 | Human Rights

offsite link US Holds China To Account For Human Rights Violations Sun Oct 13, 2019 19:12 | Human Rights

offsite link UN Human Rights Council Should Address Human Rights Crisis in Cambodia Sat Aug 31, 2019 13:41 | Human Rights

offsite link Fijian women still face Human Rights violations Mon Aug 26, 2019 18:49 | Human Rights

Human Rights in Ireland >>

Cedar Lounge
"A flaky website that purports to be ?leftist,? The Cedar Lounge Revolution, occasionally makes a relevant point or two."

offsite link Fan fiction? 18:28 Sun May 31, 2020 | WorldbyStorm

offsite link Statements in the media? good, bad and indifferent? 11:11 Sun May 31, 2020 | guestposter

offsite link Polls 10:26 Sun May 31, 2020 | WorldbyStorm

offsite link Book launch seminer: Housing Shock: The Irish Housing Crisis and how to solve it 17:19 Sat May 30, 2020 | Tomboktu

offsite link Same time, next year? 12:36 Sat May 30, 2020 | WorldbyStorm

Cedar Lounge >>

Dublin Opinion
Life should be full of strangeness, like a rich painting

offsite link Some Thoughts on the Brexit Joint Report 11:50 Sat Dec 09, 2017

offsite link IRISH COMMONWEALTH: TRADE UNIONS AND CIVIL SOCIETY IN THE 21ST CENTURY 14:06 Sat Nov 18, 2017

offsite link Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016

offsite link The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015

offsite link Money in 35,000 Words or Less 21:34 Sat Aug 22, 2015

Dublin Opinion >>

People's Movment: Ireland has better options

category national | eu | press release author Wednesday April 25, 2012 18:07author by O.O'C. - People's Movementauthor phone 086 3150301 Report this post to the editors

The South East Region of People's Movement, which is a non party political organisation will be campaigning for a No vote in the referendum on 31st May next.

The grandly titled "Treaty on Stability, Coordination and Governance in the Economic and Monetary Union" is supposedly about "stability" in the Eurozone. Yet the treaty warns us that money from the new permanent European Stability Mechanism bailout fund will only be given to States that have ratified it.

The Economic and Monetary Union which Ireland signed up to under the 1992 Maastricht and 2009 Lisbon Treaties assumed that the 3% and 60% of GDP deficit rules for every Eurozone State would be abided by and enforced by means of the sanctions - warnings, special deposits, fines etc. - which are set out in those treaties.

If they had been and if the rules of the EU treaties had been enforced for all, there would have been no sovereign debt crisis in the Eurozone and no need for any Eurozone bailout fund. When Germany and France broke the rules of the EMU by running big government deficits in 2003, the EU treaty sanctions to enforce the 3% and 60% deficit rules were not applied against them, and they were thereafter effectively dropped for everyone else.

Ireland did not break these excessive deficit rules, yet now is being threatened that unless it votes to permanently hands over virtually the whole area of budgetary policy to the Eurozone we will not be able to access funding from the European Stability Mechanism should we require it in 2013. We have a gun to our head or so the supporters of the treaty would want us to believe.

In fact Ireland would have a number of options in this event: -

  • regardless of the Treaty vote, Ireland is guaranteed funding under the current programme as long as it meets its targets. A No vote will not change this;

  • there is no legal basis for punishing a state that doesn’t ratify, and to try to do so would damage the very Euro that the pact is supposed to defend;

  • if we adhere to the existing Treaties we cannot be excluded from their benefits. As Mr. Michael Noonan, Minister of Finance said after the last EU Summit, 'There is a commitment that if countries continue to fulfil the conditions of their programme the European authorities will continue to supply them with money even when the programme is concluded . . . The commitment is now written in that if we are not back in the markets the European authorities will give us money until we get back in the markets.”;

  • Ireland, if it should need a second bailout, could have access to funding sources such as the IMF, as well as our existing rights with Europe. This is the same insurance or back-stop that all EU countries are entitled to as members of the IMF. More EU countries have accessed IMF support than EU support in the last decade. These include Latvia, Lithuania, Poland, Bulgaria, Romania, Hungary, and Estonia.



Most economists regard a permanent balanced budget rule as absurdly inflexible. Governments need to run deficits on occasion to stimulate their economies and expand economic demand when that slumps heavily in their domestic or foreign markets.

In considering the possible implications of all this it is worth bearing in mind that in 2014, just two years time, under the Lisbon Treaty Germany's vote in making EU laws will double from its present 8% of total Council votes to 16%, while France's and Italy's vote will go from their present 8% each to 12% each, and Ireland's vote will halve to 1 %.This would be the context in which we had surrendered much of the stuff of national decision making and normal party politics from the arena of democratic consideration and debate.

For verification contact and further comment;

Kevin McCorry

For information on People's Movement check out:

http://www.people.ie
http://www.irishreferendum.org

Related Link: http://www.austeritytreaty.com

 #   Title   Author   Date 
   Ireland must leave the Euro     punt - er    Fri Apr 27, 2012 12:47 
   I agree with Punter It is time to get rid of the Euro     truth commissioner    Fri Apr 27, 2012 17:45 
   Democracy     Art    Wed May 02, 2012 09:59 


 
© 2001-2020 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy