Archive for May, 2012


And so, in three short days, Thursday the 31st of May 2012, will see the people of Ireland cast their voice upon the ‘Fiscal Stability Treaty’ or to give it is full name, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union

The Full text of this treaty can be found here:

http://www.european-council.europa.eu/media/639235/st00tscg26_en12.pdf

 

Now essentially this Treaty is designed to….” strengthen the economic pillar of the economic and monetary union by adopting a set of rules intended to foster budgetary discipline through a fiscal compact…” Article 1.1

Within this Treaty, there is mentioned a ‘facility’ known as the European Stability Mechanism, or the ESM for short. This is the body that the Yes side of this debate continually cite as being important to this vote. That is, they say if we don’t pass this referendum, then we will be excluded from accessing funds from the ESM. So what is it?

A Full Text of the ESM Treaty, which we are NOT being asked to vote upon, can be found here:

http://www.ecb.int/pub/pdf/other/art2_mb201107en_pp71-84en.pdf

and a simpler two page Fact Sheet on the ESM, can be found at this link:

http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/127788.pdf

 

Having read this Fact Sheet over a couple of times……I have observed two things that make me question, what the YES side of this debate have been saying, and inturn what the NO side have been saying……..and that is, this Treaty will utilise secondary markets if it needs to,

Point 1.

“The future ESM ………..will also be able to purchase bonds of beneficiary member states on primary and secondary markets (articles 17 and 18). 

Now , am I correct in saying, we are being told to vote Yes, in order to ‘apply’ to access funds from a ‘facility’ that has yet to come into existence yet, but if and when it does, it will access ‘secondary markets? And the No side are saying, that we can access these same markets without the confines of the Treaty….?

Either way, the ‘secondary’ markets appear to be available……

Point 2.

What is the primary function of the ESM, as in, do we see one thing, and they another, it states:

“Its purpose will be to provide financial assistance to its members (euro area member states), experiencing or being threatened by severe financing problems, if indispensable for safeguarding financial stability in the euro area as a whole.”

Fair enough some may say, but it is this clause, that raises the question, as to…    ‘financial assistance to its members…….’   To do what with the Financial assistance? Is it purely designed to do this?

“…..Besides loans to beneficiaries, it will provide precautionary financial assistance (article 14) and loans to member states for recapitalisations of financial institutions (article 15).”

 

Now, I dont know about you, but this clause, has me wondering where the people come in the pecking order of this treaty…….I could be wrong, however, we have already seen how ‘financial institutions’ have been ‘recapitalised’ and how this has affected the average household…

 

One thing is for sure. The path ahead for Ireland and it’s people is going to be a very difficult one indeed, regardless of a Yes/No outcome. I just hope that whichever way you may decide to vote, that it is done through solid research, and not through the expert opinion of the high stool of your local bar, this Referendum is far to important to be treated with the usual apathetic disdain of politics, it is not about you or I, it is about the future generations of this nation.

 

The People will decide on this coming Thursday, let’s just hope enough of them care to vote.

 

Voice

 


Let  it be said, let it be shared, let this story never be untold,

There is a young woman with courage, that has fear in her carriage, 

harnessed in 

Hand Wraps Seeking Gold

From the Country of Ireland, the County Wicklow,

from the seaside village of Bray…..,

 where in winter’s depth’s its’ shores can be cold.

There rose a diamond of sport,

that endeavoured and sought,

Glory, through,

Hands Wraps Seeking Gold

She walks amongst men, with the respect normally afforded to them,

and has more respect,

than most men will ever hold,

For she has always honoured,

the profession,

the colour,

 of the,

Hand Wraps Seeking Gold.

She is Champion of Ireland, of Europe, of the World,

and now an Olympian,

of this nation,

In her every hour, she trains, hurts and pains,

she is a human Tricolour,

of perspiration to behold,

through her,

Hand Wraps Seeking Gold

Her name shall be sung, whether win , lose or draw,

and history is writing in haste,

For her achievements are stunning,

thru commitment and cunning,

through a desire,

that seeks winning above failure,

One of Ireland’s greatest ever atheletes, 

A little girl from Bray,

Conquered the world, and we salute you

Ms, Katie Taylor.

May Your Hands Be Wrapped in Gold….

Voice