1st June 2012

Ireland backs the EU fiscal pact

The referendum held on 31 May showed that Irish voters still do want to be a part of the common European effort to combat the financial crisis and move towards a closer fiscal integration of the EU. The Yes campaign was supported by 60.3% of the Irish people.

However, there is no reason to celebrate. Many analysts claim that the Irish yes was more about the fear of losing the chance of another bailout if needed than it was a support of the main pillars of the fiscal pact. Additionally, the future of the fiscal pact stays doubtful, since the new French president Francois Hollande refused to ratify the treaty until significant changes are made.

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Members of the American Chamber of Commerce in the Czech Republic