Hoisted from the comments (ht Michael Hennigan), here’s Colm McCarthy in today’s Sunday Independent writing on the Eurozone crisis. It’s worthy of reproduction in its entirety on the site but I’m not sure the Indo editors would be happy about it. So head over and read it there, and head back to comment. This piece usefully advances the debate we’ve been having in another thread, so I’ll close that one and hope commenters will move up to this one. From the piece:
If the eurozone is to become a credible currency union for the long haul, assuming it survives the efforts of its rescuers, there will have to be treaty changes. It is foolish to dismiss the possibility that sensible treaty changes, worthy of support even from countries damaged by the bungling response to the crisis, cannot be envisaged.
These treaty changes could involve a loss of fiscal sovereignty for Ireland. But Ireland has lost its fiscal sovereignty already.
There is, in any event, no cost in accepting a regime of fiscal discipline to which any sensible country would willingly subscribe.
The real issue is whether Europe can create a proper central bank and accountable decision-making authority to go with its premature currency union. If this can be achieved, the euro is worthy of rescue.