TAXPAYERS and shareholders lost more than €127 billion in Irish banks in little more than two years and, at best, the state can hope to get back €30bn.

IRISH consumers are still paying a fifth more than their average EU counterpart for goods and services despite the country’s GDP having fallen by more than 13% in the past three years.

THE secretary general of the Department of Finance, Kevin Cardiff was cleared to become a member of the EU Court of Auditors by the European Parliament amid claims of political abuse and intimidation by some MEPs.

THE cost of Ireland’s borrowing could shoot up early next year as the credit rating of the eurozone countries as a whole and the bailout fund we are reliant on are threatened with credit downgrades.

A RECESSION is now very likely in the EU next year, and the outcome of last week’s summit is unlikely to change this, according to Laszlo Andor, Commissioner for Employment, Social Affairs and Inclusion.

STRINGENT and comprehensive new budget rules for EU governments backed up with tough penalties come into force today and are similar to what the new inter-governmental fiscal compact aims to reinforce.

All EU states except Britain moved toward setting up a new treaty yesterday, giving up crucial powers over their own budgets in an attempt to overcome a crippling debt crisis.

BRITAIN opened up the possibility of a two-speed EU with its decision to veto treaty change, isolating itself from the rest of the member states.

EU member states’ lawyers will immediately begin work on a new treaty with an eye to ensuring it does not trigger a referendum in any country.

CROATIA has signed a treaty to join the EU in 2013, a bittersweet milestone as the bloc prepared to take on a sluggish economy it will have to drag along at the time of its worst crisis.