Don’t betray Ireland’s trust

Ireland has said “Yes” to the fiscal compact. Signed last February by 25 of the 27 EU countries, it is supposed to build confidence in the single currency and the homogeneity of the eurozone by introducing more discipline – and some penalties – into the management of public finances. More monetary security in exchange for the transfer of a little more sovereignty to Brussels.

The vote, which cannot be appealed, was marked by an exceptional abstention rate – just over half the voters turned out, compared to nearly 60 percent during the last referendum on the Lisbon Treaty – and by an intense campaign waged by both sides.

Paradoxically, it is one of the fiercest advocates of “No", the businessman and vigorous eurosceptic Declan Ganley who probably uttered the most accurate words about the meaning of the vote for the Irish, who are now the European citizens bearing the highest private debt in the world (more than 41,000 euros per capita): “The majority of the electorate here have expressed trust and faith in our partners in Europe to do the right thing by us with regard to this bank debt."

And these are times that need that faith, because all indications are that the situation in Europe is not getting better. Starting with unemployment, which in recent months hit record levels, continuing with the Greek crisis, which is still threatening the euro, and closing off with the Spanish banking crisis, which could trigger a record 300 billion euro bailout. And much faith is needed to confide economic policy to institutions whose levels of transparency and democracy are not their outstanding characteristics.

The Irish have once again decided to place their trust in Europe – that same Europe that imposed draconian conditions to get the country out of the debt crisis that carried away the Celtic Tiger with it. Let's hope that this trust will not be betrayed.