Guest Comment: regaining lost sovereignty

The No side say that the fiscal treaty will involve a loss of sovereignty but this assumes that Ireland already has fiscal sovereignty and is capable of exercising it, writes Antoin E. Murphy.

29th May, 2012
"It is inconsistent, to say the least, to condemn fiscal excesses, arising from cyclical elements, and simultaneously oppose the principle of a structural budget balance," writes Antoin E. Murphy.

The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (henceforth Stability Treaty) should be seen as the third part in a sequence aimed at developing the European Monetary Union.

This sequence started with the Maastricht Treaty which laid down the ground rules for the establishment of the euro and the European Central Bank. It was recognized in it that monetary union also necessitated considerable fiscal discipline. Two of the criteria aimed...

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