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Catherine Murphy addresses Oireachtas Subcommittee on the Fiscal Compact Treaty

Press Release | 17 April 2012

Speaking today at the Oireachtas Subcommittee on the Treaty on Stability, Coordination and Governance in the EMU, Deputy Catherine Murphy (Independent – Kildare North) outlined in detail her concerns about the provisions of the Treaty, stating clearly that if any realistic plan to deal with the European debt crisis is going to succeed, it must specifically include proposals to write-down the unsustainable debt of peripheral countries. The Deputy also raised her concerns about the excessively onerous wording of the proposed constitutional amendment, which appears to place this treaty at a level equal in status to EU foundation agreements, but without the weight of the EU’s democratic oversight function.

Deputy Murphy heavily criticised the “practical effect” that the treaty will have, saying that Ireland is “locked into a fiscal adjustment plan that strips Government of any means of stimulating the domestic economy” and that “the fiscal compact treaty will extend this handicap well into the next decade.”

“If we are to reach the 3% deficit target and we don’t have the capacity to grow the domestic economy then the options will be down to a choice of two – cuts in services and new taxes. Under this treaty, I have to question if we will in fact have any money to spend within the domestic economy or indeed on essential public services.”

Deputy Murphy was invited to address the Subcommittee as whip of the Technical Group, though she stated at the outset that she did not represent the diverse opinions within the Group on the Treaty. The Subcommittee heard from Opposition deputies throughout the day.

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Posted by on April 17, 2012. Filed under Constitution,Elections & Referendums,EU Issues,In the Dáil,Latest News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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