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A Productive Euro Summit...

This morning I woke with delight to the news on RTE's morning Ireland that in the very early hours of this morning a Euro summit actually achieved something. It has been agreed by the Euro members to finally sever the link between sovereign and bank, a moral and common sense stance that we have been arguing for for the past four years. Nevertheless this is fantastic news for Ireland and the importance of the shift in policy cannot be understated.

I am one of the biggest critics of this government and will remain to be, however, I always believe in being fair and objective in any analysis. It would be mad of me not to congratulate this particular government for the very positive news that came out of the EU summit last night. I do believe the size and no nonsense politics from Spain had more of a hand to play in our mention in this landmark shift in policy than the negotiation skills of Gilmore and Kenny, however, I will take a lucky government second to a competent one and far ahead of one with Fianna Fail in it.

This shift in policy if truly followed through on, which I suspect it will have to be, will wipe tens of billions off our sovereign debt profile and will drastically improve the sustainability of our debt for the long term future. Granted we have a deficit to battle, but this has eliminated any moral questioning of where our budget savings are spent. I have heard rumblings of "no second bailout required", which I believe to be premature. Probably most important of all though is this now shows a loss of grip of the stranglehold Germany had on 25 other Euro states. Granted they are now conceded ground for selfish motives, nevertheless, they are conceded ground and now not getting their own way with everything. That can only be good news for those of us more democratically minded. 

So with a note of caution I welcome this move, a move that is the correct, moral and common sense approach to the crisis, a move that the dogs on the street knew was the only way we could go. However, that caution is, I do not want a federal Europe, I do not want closer economic and budgetary dictation from Brussels, I have a feeling that as good a news piece as this is, it may be now used by the federalising brigade in their quest for closer unity. Should that day come, you may have to read my ranting again, however until that day, all ranting has been suspended until further notice...


  1. Great blog Diarmaid, I think your caution as expressed in the last paragraph is well justified. It seems to me that we are being shepherded, in a haphazard way admittedly, towards a federal Europe with every twist in this saga. Enjoy the suspension and I hope I'm wrong but I feel it will be shortlived.

  2. Cheers Rommel, I think that's the way we are being pushed and before we know it we'll have a pseudo government with all important fiscal and economic decisions coming from the unelected in Brussels. That is a thought that sends a shiver down my spine and ought to do the same to Irish people on a whole. We see who Europe is being run for and how little control we have at the mo. Imagine having zero control and zero influence. horrifying thought!



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