The fiscal treaty was voted on in a referendum in Ireland on 31st May and was approved by a margin of 60% to 40% (with a turnout of barely 50% of eligible voters). To understand the significance of the treaty and the referendum result, it is necessary to understand the origins of the Irish and European debt crises.
A new Pan-European network to fight against the EU's austerity policies and support a fairer, greener, more democratic Europe has been launched in Brussels, following two days of discussion and debate at CEO's conference on the EU in Crisis.
It is clear that voices all across Europe and beyond, and from all across the political spectrum, are opposed to this treaty. Many are urging the Irish people to reject it and, if given the chance, would be campaigning for its rejection by referendum in their own countries.
European political leaders and the institutions of the European Union have reacted to the Euro crisis by creating conditional debt packages, in cooperation with the IMF (International Monetary Fund). Such “aid packages” typically prescribe severe austerity measures, similar to the structural adjustment programmes applied to many troubled developing countries, especially since the 1980s. The results have rarely been a success. 2