A bittersweet response, that of Ireland. It was the only country whose citizens had the privilege of choosing whether or not to transfer fiscal sovereignty to Brussels and Frankfurt. And if on the one hand the voters are giving the green light to the new European budget pact, the more bitter aspects of the country's situation have also emerged.
According to government sources, the yes outnumbered the no with over 60% of the votes. However, the burials began at 9.00 local time and the final verdict will be known only in the afternoon. It is the sign that we have realized that there is a need for a stronger and more united Europe. As the president of the European Central Bank recalled yesterday, Mario Draghi, it is necessary that the fiscal and political objectives of the various countries of the Union converge.
And there'Ireland seems to have faith in the measures imposed by Europe which, however harsh, seem to bear the seeds of improvement. Also because, as declared by Maire Geoghegan-Quinn, European commissioner for research and science: “Yes is certainty, no is no man's land”. Considering that next year Ireland will want to go back to finance itself on the markets, granting Europe the possibility of strengthening the single currency against the weapons of speculation seems the wisest decision.
On the real economy front, the situation is more delicate. Ireland's biggest problem was the deficit/GDP ratio which, in the last two years has fallen from 31,2% to 13,1%. But the gross domestic product will mark a new red this year (-1,3% according to official data) and unemployment is almost 15%. Yet the improvements on the fiscal side are encouraging and from 2013, according to economists, the trend will reverse and the fruits of growth will begin to reap.
There was also a negative side of the coin: only 50% of eligible voters went to the polls, sign of a tired population with little interest in European politics. Even the citizens who voted no are the expression of a desire for change. The campaigns implemented by the parties opposed to the Fiscal Compac, in fact, have distorted the vote, transforming it into a no to austerity. On the contrary, it is likely that if Ireland says no to the fiscal compact, the suffering it will face could be even greater.
