Regaining our sovereignty after the troika depart? Erm… February 7, 2013Posted by WorldbyStorm in Economy, European Politics, Irish Politics.
…not exactly. As Cliff Taylor and Ian Kehoe note in the SBP note:
EU review teams will continue to visit Ireland to monitor economic performance for a number of years after Ireland exits the bailout programme, it has emerged.
Regular missions will continue until 75 per cent of the money borrowed from the EU under the bailout programme is repaid, under a draft regulation being finalised, according to the Minister for Finance, Michael Noonan.
I discussed this trope about ‘regaining sovereignty’ last week and how it was – in the context of parties adhering to the orthodoxy – a chimera. And this confirms it. We will, if the government’s plans actually work ( a big if, and it will be interesting to see how the latest news impacts on that ) see an exit, but that exit will be constrained by limitations placed by the ECB and EU. Indeed the thrust of socio-economic policy will remain part and parcel of the troika dispensation for years to come. So it further raises the question as to what meaning ‘economic sovereignty’ actually has in this context.
The freedom to take economic decisions as long as they accord with the approaches laid down long before by the EU/ECB and IMF? Some freedom.
The Government was supported by Fianna Fáil in both Houses, as well as by a small number of independent TDs and Senators.
From FF’s perspective they must be hoping it all works out because otherwise…
And just who were those Independent TDs? Grealish presumably and who else?
The debate in the Seanad commenced at about 3am and was completed a little after 5.40am when the upper house approved the legislation by 37 votes to six. Along with three Sinn Féin senators, independent senators John Crown and Sean Barrett voted against, as did the Labour senator James Heffernan, who had already relinquished the party whip.