Sharon Bowles tells Irish parliament ‘EU fiscal treaty is vital for ECB’

British Euro MP Sharon Bowles, who chairs the European Parliament's powerful Economic and Monetary Affairs Committee, appeared in the Irish parliament today to give her expert opinion on the EU's new fiscal treaty.

The treaty, known as the 'Fiscal Compact', is designed to bring greater economic harmony and coordination to the Eurozone, of which Ireland is a member.

The Fiscal Compact, which faces a referendum in Ireland before it can be ratified, will also provide cover for the European Central Bank to engage in quantitative easing.

Speaking before the Irish Parliament's Sub-Committee on the Referendum on the Fiscal Stability Treaty, Sharon Bowles said:

"With all these summits going on the European Central Bank is just about the only institution that has substantial credibility in trying to solve the problems faced by the Eurozone.

"Finance ministers meeting and agreeing something and then having to meet again a few weeks later has delayed action which needs to be taken.

"Retaining the credibility of the ECB is of absolute paramount concern and therefore of itself provides a very good reason to sign this treaty, even if it is a little bit thin."

Sharon added:

"Most of the content - including all the contentious content - of the Fiscal Compact concerning balanced budgets and rate of pay down of national debt is in fact being delivered through other EU legislation.

"Given the UK's experience of being 'outside the tent' it is in Ireland's interests to stay inside the tent."

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