The Government Guide to the Fiscal Treaty states that voting Yes will “allow access to the EU new assistance fund the European Stability Mechanism (ESM), should it ever be needed”
There has been next to no information about the European Stability Mechanism beyond suggestions that it represents “a pot of gold” should we need a second bailout.
The Treaty to set up the ESM describes itself as being “complementary” to the Fiscal Treaty. All 27 EU States including Ireland have to licence what is in effect a treaty for the 17 Member Eurozone by agreeing to an amendment to one of the two treaties that govern the EU.
The Government has promised Brussels that it will not hold a referendum on these fundamental changes despite the fact that it is clear that it is constitutionally necessary and because a referendum on an issue on which Ireland has a veto would offer a real one time only opportunity for it to look for concessions on the private bank debt the ECB has insisted should be imposed on Irish taxpayers, plus the Anglo-Irish promissory notes and the adoption of a growth strategy for Europe.
This represents a one-off real opportunity to break free from our current situation. But to make it happen we must have the courage to vote No on 31st May next.