Dublin, 12 December 2012: European Movement Ireland welcomes the agreement reached by EU leaders early last Friday after two days of intensive talks in Brussels. Given the critical nature of the current economic and political situation, it was vital that European leaders came together to determine the future of the euro and make concrete decisions to safeguard European solidarity and retain the credibility of the single currency. Last week’s summit was one of a series of meetings since the euro zone crisis erupted and may well prove to be a pivotal moment in history for both the future of Europe and the future of Ireland.
There is a long way to go before the newly agreed ‘fiscal compact’ establishing a fiscal union in the euro zone can come into force, not least given the possibility that an Irish referendum may be required. The devil will undoubtedly be in the detail of the agreement as European leaders come together to finalise the terms and language of the deal. However, this newly brokered agreement represents the willingness of European leaders to work together to resolve the crisis and further underlines the necessity for collaboration between EU member states if the single currency is to survive the current challenges.
With the first half of last week dominated by anticipation and analysis of Budget 2012, and the latter half focused on events in Brussels, last week was hugely eventful from an Irish perspective. With events unfolding so rapidly at a European level, it is vital that we continue to work with our European partners to ensure the future of the euro zone and Ireland’s financial stability. It is hoped that the announcement of this new fiscal compact, and the strengthened economic policy coordination between EU countries, will lead to a reduction in market tensions in the euro area, allowing the single currency to move away from the precipice upon which it has been hovering.
Speaking today, Executive Director of European Movement Ireland, Noelle O’Connell said: “As Jean Monnet, the chief architect of European unity, famously said in 1976; ‘Europe will be forged in crises, and will be the sum of the solutions adopted for those crises.’ It is hoped that the solutions proposed on Friday will result in a more stable, credible and cohesive future for the EU. It is critically important that clarification on the text and content of Friday’s agreement is provided as quickly as possible so that concrete steps can be taken to safeguard the viability of the euro zone.”