C. Flower
18-08-2010, 08:52 AM
http://www.irishtimes.com/newspaper/finance/2010/0818/1224277069984.html?digest=1
NESC has just produced a report that seems to me to be a bit "after the fact" saying that we should accept more European economic control, with penalties for failing to comply.
The European bailout project was very much based on acceptance of prior EU approval of National budgets.
The whole issue of democratic controls, which are lacking at EU level, has been skirted over. Another case in which "shock" has also been seized as an opportunity.
The EU market-driven economy is deeply implicated in Ireland's economic situation. I haven't read the report yet, but will be interested to see any evidence that the EU was energetically advising taking the heat out of the Irish economy in the 00s. My recall is that Ireland was held up as a role model for States applying to join the EU.
In The Euro: An Irish Perspective, the council warns that the future stability of the euro zone “depends on more effective surveillance and co-ordination” of the financial health of EU members.
The council favours a greater sharing of information between EU members as part of an “economic government” for Europe.
Mandatory surveillance of economic policies and penalties for not adhering to joint fiscal policies could be part of the new regime, it suggests.
It also calls for stronger EU-wide regulation of financial services in order to prevent “irresponsible” banking practices “which threaten the prosperity of the euro area”
NESC has just produced a report that seems to me to be a bit "after the fact" saying that we should accept more European economic control, with penalties for failing to comply.
The European bailout project was very much based on acceptance of prior EU approval of National budgets.
The whole issue of democratic controls, which are lacking at EU level, has been skirted over. Another case in which "shock" has also been seized as an opportunity.
The EU market-driven economy is deeply implicated in Ireland's economic situation. I haven't read the report yet, but will be interested to see any evidence that the EU was energetically advising taking the heat out of the Irish economy in the 00s. My recall is that Ireland was held up as a role model for States applying to join the EU.
In The Euro: An Irish Perspective, the council warns that the future stability of the euro zone “depends on more effective surveillance and co-ordination” of the financial health of EU members.
The council favours a greater sharing of information between EU members as part of an “economic government” for Europe.
Mandatory surveillance of economic policies and penalties for not adhering to joint fiscal policies could be part of the new regime, it suggests.
It also calls for stronger EU-wide regulation of financial services in order to prevent “irresponsible” banking practices “which threaten the prosperity of the euro area”