By Nick Mann | 31 May 2012
Irish voters go to the polls today to decide if the country should sign the European Union treaty that sets legally binding budget deficit limits for eurozone members.
The Treaty on Stability, Co-ordination and Governance, also known as the fiscal compact, was approved by 25 of the 27 EU member states in March. It now needs to be ratified by 12 of the 17 countries in the single currency bloc to enter into force.
While Ireland’s rejection of the treaty would not derail the fiscal compact, it could undermine the initiative at a time when problems are mounting in Greece and Spain.
According to the BBC, opinion polls suggest a 60% vote in favour. This morning, Irish Taoiseach Enda Kenny, of the Fine Gael party, said a ‘strong’ yes vote was ‘essential for the future wellbeing of the country’.
Voting yes would be a ‘big step in restoring certainty and confidence in the Irish economy’, he said, helping to ensure Ireland could attract the foreign investment needed to create jobs.
It is also the ‘only way’ Ireland could access emergency bailout funds from the European Stability Mechanism, which Kenny said was a ‘critical reinsurance for investors and potential investors in Ireland’. Ireland has already secured €67.5bn of bailout funds from the EU and International Monetary Fund, receiving the latest tranche last month.
‘Finally, by voting “yes” we can ensure that good housekeeping rules are put in place so that responsible budgeting becomes the norm throughout Europe,’ he added.
From the ‘no’ camp, Sinn Féin president Gerry Adams said the treaty would involve Irish citizens giving away their democratic rights and say over economic policy, and would ‘write austerity into the constitution’.
‘The Austerity Treaty will not solve the eurozone crisis,’ he said. ‘It will put into the constitution the failed policies that have caused so much hardship in Ireland and which are being rejected by people right across Europe.’
Voting ‘no’ was the ‘positive and patriotic thing to do’, he said, adding: ‘A strong “no” vote this Thursday will strengthen the hand of everyone, arguing for a better, fairer way forward through investment in jobs and growth.’
Polling station close at 10pm tonight, with the result expected tomorrow afternoon.
