THE LEADERS of France and Germany have declared their intent to seek a new European treaty – arguing that a single currency can only be effectively backed by a single fiscal union.
Angela Merkel and Nicolas Sarkozy say next week’s summit of EU leaders – taking place three days after our Budget – should set the ball rolling for an updated EU treaty that stops the group from breaking up entirely.
Enda Kenny had forcefully opposed treaty change, however, saying that it wouldn’t come quickly enough to solve the problems at hand – and that Europe should instead focus on using the tools it already has, including (potentially) the ECB’s power to print infinite cash.
So – if the leaders of Europe’s most powerful countries want to create a closer fiscal union, which would naturally involve the sacrifice of some degree of sovereignty on the part of each country – should Ireland be a part of that, and involve itself at the heart of a common economic government to make sure its influence is heard?
Or should Ireland insist that it cannot cede any more power – and simply decide that it should leave the euro, even if this means the chaotic reintroduction of the punt and a major inflation in our national debt?
Put simply: if the future involves treaty change, does Ireland have a future in the euro?
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