One thing that is emerging from the Greek crisis is the fact that running a multi-state currency where any component can go hogwild just is not going to work. Both Ruairi Quinn and Simon Coveney, on A Week In Politics last night, suggested that we have to move towards some sort of Brussels ratification of Eurozone national budgets (and actual figures, given the Greek situation. Don’t forget, in the early 1980s FF under Haughey were fiddling the books too) before member state parliaments sign off on them. Although this would be a surrender of a certain degree of national sovreignty, I personally wouldn’t have a problem with another pair of eyes been run over the national books.
Much as it goes against my instincts, I suspect that giving Brussels a role in the ratification of Eurozone national budgets could indeed be the lesser of two evils. After all, it might prevent Fianna Fáil from destroying the Irish economy for a fourth time since 1932.
This reminds me of the “Kevin Myers” argument for voting Yes in the Lisbon referendum (see http://puckstownlane.wordpress.com/2009/07/04/why-kevin-myers-will-be-voting-yes-in-lisbon-2/)
– in other words give greater power to the Commission and Council simply to subtract from the power of incompetent and corrupt Irish governments, not because it’s a good idea in itself.
Much as it goes against my instincts, I suspect that giving Brussels a role in the ratification of Eurozone national budgets could indeed be the lesser of two evils. After all, it might prevent Fianna Fáil from destroying the Irish economy for a fourth time since 1932.