OPINION:�THE EUROPEAN Central Bank and German constitutional court have calmed the waters in relation to the euro crisis for now. Such calm though will not persist for long unless very significant action is taken at a political level to deal with the longer-term issues that the crisis has thrown up.
In particular many EU treaty changes are very likely in the coming years.
It is opportune, therefore, to ask is Ireland ready to cope with such an eventuality. The answer in my opinion is in the negative. At the core of my concerns are the so-called Crotty (1987), McKenna (1995) and Coughlan (2000) Supreme Court judgments.
These judgments relate to when, if at all, a referendum on an EU treaty change should be held (Crotty) and then, once called, how it should be conducted (McKenna and Coughlan). It is the collective impact of these judgments that is so worrying if Ireland wants to remain part of the evolving project that is the euro zone.
To morrow in Misebogland The Implications of the German Court ruling on the ESM
The court stated German liability to the ESM must not exceed €190bn without parliament’s approval.Now the question is where does the rest of the money come from. If need be does it again end up before the German courts