Austerity Treaty a terrible way to make economic policy – Crowe

Speaking in the week leading up to the Fiscal Referendum Treaty, Dublin South West Sinn Féin TD Seán Crowe said a yes vote would enshrine austerity into the Irish constitution making it almost impossible to change in the future.

Deputy Crowe said: “This is a terrible way to make economic policy and Sinn Féin is urging voters to think very carefully of the long term legal consequences of their decision.

“The harsh fiscal rules and tough enforcement mechanisms in the Austerity Treaty are bad for Ireland and for Europe in general.

“Irish people are being asked to sign up to an inter-governmental agreement that will place legal obligations on this and all future Governments that will can only be changed if there is consent with all the countries that ratify this Treaty

“These harsh rules and tough enforcement mechanisms are protected within the Irish constitution.

“This means that once ratified it will be almost impossible to extract ourselves from the legal obligations arising from the Austerity Treaty. .

“Fine Gael and Labour may be happy with the content of the Treaty but they are asking voters to tie the hands of future Governments and limit the kinds of economic policy decisions that may well be in the best interests of the country.

“This is a bad way to make law. It is a terrible way to make economic policy. Fiscal policy belongs in Oireachtas legislation not legally binding international agreements and constitutional amendments.

“Governments need to have the flexibility to change laws and make different policy choices. The Austerity Treaty seeks to remove this flexibility and impose a rigid fiscal policy on all future Governments. It also undermines the right of democratically elected Governments to choose other options by giving unelected officials in Brussels and Luxembourg the power to enforce the harsh rules contained in the treaty.”