All the finance ministers are putting out statements welcoming the Irish vote in favor of the European fiscal treaty.
All will now immediately violate said treaty. In fact, they’ve already begun. Wasn’t the 2013 deadline to bring deficits within 3% of GDP part of the treaty? Spain has already been given a pass and the rest of the euro group will likely get one too.
Rules are made to be broken, after all.
Meanwhile, Ireland wants to wrap the renegotiation of its bank debts into the banking union debate ongoing in the EU…
Lots of moving parts in Europe but not much sustainable progress.
