By: Dr. Samuel Brazys<\/p>\n
Tomorrow’s referendum is an important vote for Ireland not only because of the immediate financial implications but also as a measure of the Irish commitment to the European project.\u00a0 As an article <\/a>in this week’s Economist makes clear, the way in which the current crisis is resolved (or not) will likely decide the future of the Union.\u00a0 As commentators have been recognizing for some time the current crisis illustrates the difficulty in maintaining a monetary union without a corresponding fiscal, or “transfer,” union.<\/p>\n Transfer union implies two things – a redistribution of wealth and a loss of sovereignty.\u00a0\u00a0 While the former would almost certainly break in Ireland’s favor, at least in the short and mid term, it is the latter that gives so many people pause, and perhaps rightly so.\u00a0 It is true that EU level decision making is largely insulated from public accountability.\u00a0 However, the implication of this democratic deficit need not be “reject the EU” – the implication could instead be to strengthen the Union – not just economically but also institutionally. \u00a0 A strengthened EU, with both direct fiscal powers and direct representation, would do much to alleviate the root causes of the current crisis.\u00a0 It is true that in such an incarnation of the EU the sovereign power of Ireland would decline.\u00a0 However, the monetary union, and probably the common market, are not likely to survive in the absence of these institutional changes.\u00a0 The question then is not the stark “Is Ireland ready to sell her sovereignty?” but rather, “are the Irish people willing to be paid to transfer (at least a part of) their social contract from an Irish to a European sovereign?”\u00a0 A significant indication of Ireland’s answer to this question will come at the polls tomorrow.\u00a0 As John F. Kennedy once said, the cost of freedom is always high.<\/p>\n","protected":false},"excerpt":{"rendered":" By: Dr. Samuel Brazys Tomorrow’s referendum is an important vote for Ireland not only because of the immediate financial implications but also as a measure of the Irish commitment to the European project.\u00a0 As an article in this week’s Economist … Continue reading