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EU budget vetting agreed


Cassandra Syndrome

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Dear oh dear. "approval".

How many times a week do these clowns meet at this stage?
 

sondagefaux

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They also approved Estonia's joining of the euro from next January. Seems the Estonians are a bit more confident about the euro's future than others...
 

Cassandra Syndrome

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They also approved Estonia's joining of the euro from next January. Seems the Estonians are a bit more confident about the euro's future than others...
Is that wise? Estonia economy shrank by 15%, its offical unemplyment rate is over 14%.

Its budget deficit is over 10% of GDP. But its National Debt is only 7.5%. Total debt appears to be just over 100%, which is excellent these days.

It has deflation of 0.4% in 2009 after inflation of 10% in 2008.

Despite this the Central bank rate is 8.55%. Now will the savers in that country not go ape over their deposits when the new ECB rate is imposed? The rates they had would ensure that they have a tasty pension from merely saving.

Its low debt levels may also be the effect of high interest rates.

Interesting to see what happens over the next couple of months woth Estonia.
 

goosebump

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seenitallb4

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Excellent.

Now that our budgets are going to get the once over by people who can do basic maths, we might actually have a chance.
I don't think it was maths that was lacking, just backbone.
 

andrejsv

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I wonder.. since no sitting government wants to go through the embarrassment of having its budget 'Rejected', if there will be backdoor back and forth give and take of 'suggested' budgets by the EU.. I could see the process in a few decades formalizing into 'allocated budgets for the members states' to be rubber stamped by each member state.

It could easily be justified by the EU by stating that each member state lacks the information and resources to foresee the interactions between each member state's budget, and that of course the rational course of action would be to allocate budgets from the centralized government (I'm not saying I agree with it, I oppose it, just pointing out how easily it could come to be).
 

FutureTaoiseach

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This is an absolute outrage. For the first time in Irish history, our national parliament will be reduced to the status of rubber-stamp for the decision of foreign govts. Foreign govts will be deciding our tax-rates. An absolute outrage which proves the tax-guarantees are a fraud on the Irish people. They still haven't been inserted into the Treaties. The Irish people have been sold down the river and the promises made to them in the referendum have been broken. A craven betrayal by sell-out merchants.
goosebump said:
Now that our budgets are going to get the once over by people who can do basic maths,
Yes like the Greeks, the Spaniards and the Portuguese. :roll:
 

MPB

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Excellent.

Now that our budgets are going to get the once over by people who can do basic maths, we might actually have a chance.
Our budgets are currently being produced by the same high achievers in Frankfurt.

The problem is, that their interpretation of a successful Irish budget is higher taxes, a reduced service capacity and lower wages.

But the German Banks are happy, so happy days.

You might be happy to hand over yet another important part of your sovereignty, I am not.
 

He3

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Excellent.

Now that our budgets are going to get the once over by people who can do basic maths, we might actually have a chance.
This is all about politics. The politics will dictate the maths.
 

He3

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Quiet here.
 

Ulster-Lad

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Libero

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Excellent.

Now that our budgets are going to get the once over by people who can do basic maths, we might actually have a chance.
If have a feeling that if precisely the same thing was happening under a Fine Gael-led government, you wouldn't be saying that at all.

As for me, what's proposed is a severe dilution of Ireland's sovereignty and I cannot support it. And while it probably requires another referendum here, we're not really in a position to say no unless we feel we can live without the EU/ECB support.
 

He3

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If have a feeling that if precisely the same thing was happening under a Fine Gael-led government, you wouldn't be saying that at all.

As for me, what's proposed is a severe dilution of Ireland's sovereignty and I cannot support it. And while it probably requires another referendum here, we're not really in a position to say no unless we feel we can live without the EU/ECB support.

I do not see them calling a referendum.
 

SilverSpurs

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I do not see them calling a referendum.
Everything i have read on this said our lot are opposed to treaty change. I expect an adhoc arrangement will be hammered out. Plus would a treaty change meet the Crotty criteria of radical change.
 

FutureTaoiseach

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He3

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Could this be the extent of prior warning given to the Dáil that the government was going to agree to budget vetting:

Economic and Monetary Union

148. Deputy Billy Timmins asked the Minister for Finance the discussions he has had with his European counterparts in respect of the European Union leaders summit next month to assess proposals for strengthening the eurozone’s economic governance with a view to averting a sovereign debt disaster that might destabilise the global financial system; his views on whether the proposed reforms will be a radical step closer towards a full fiscal union, such as operates in the US and other countries with a federal political system; and if he will make a statement on the matter. [22828/10]

Minister for Finance (Deputy Brian Lenihan): The European Council has taken a number of steps in recent weeks and months to safeguard the financial stability of the euro area. However there is a broad understanding that economic governance within the euro area needs to be improved. To this end, the President of the European Council Herman Van Rompuy has established a Task Force to look more closely at reform. The Task Force — of which I am a member — has met once already and is set to look four main issues: a crisis resolution mechanism for the euro area, addressing macroeconomic imbalances, reinforcing the Stability and Growth Pact, and budgetary coordination. Ministers discussed all issues and the general view was that all avenues for improvements that could be advanced quickly should be the focus of their work. The Task Force will meet next week and the President intends to provide an interim report to the European Council in June. A final report will be made to the European Council in October.

Written answers June 1.
 

FutureTaoiseach

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Proves the no side were right in our warnings of where Lisbon would lead. We said it would mean tax-harmonisation and 7 months later: Voila! :roll:
 

SJMcMahon

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Is any of that legal? It seems that the EU is slowly but surely moving towards the USE.
 

hiding behind a poster

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This is an absolute outrage. For the first time in Irish history, our national parliament will be reduced to the status of rubber-stamp for the decision of foreign govts.
You clearly haven't read what was agreed today.

Foreign govts will be deciding our tax-rates.
No, they won't.

An absolute outrage which proves the tax-guarantees are a fraud on the Irish people.
No, it doesn't. God, this is tiresome. Show us where in today's agreement (which you clearly haven't read) it says that.

They still haven't been inserted into the Treaties. The Irish people have been sold down the river and the promises made to them in the referendum have been broken. A craven betrayal by sell-out merchants.Yes like the Greeks, the Spaniards and the Portuguese. :roll:
Yawn.
 
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