Fine Gael TD for Dublin South East and Minister for European Affairs, Lucinda Creighton, has today (Tuesday) said that a Yes vote in the referendum on the Stability Treaty guarantees that we are clear on the terms of any future funding assistance. Minister Creighton was speaking to employees at McCann-Fitzgerald in Dublin today.
“A Yes vote would allow us access to the €700 billion European Stability Mechanism on open and transparent terms. Even if you believe the argument from the anti-stability side that when it comes to the crunch the EU won’t allow Ireland to go bust – what would the terms be? The scenario at the moment is clear – the Treaty contains the terms. If we reject the Treaty we have no idea what the conditions of any future funding would be.
“Furthermore, the ESM Treaty gives the mandate for determining the economic policy conditionality (the Programme) for any country in receipt of state aid to the European Commission. The Commission and ECB would be responsible for the loan agreement, as is the case now.
“This important section (Article 6 (g)) prevents member states’ governments from using the provision of funding as a way to push their own national, political or economic agenda such as, for example, demanding an increase in the rate of corporation tax.”