Reviving the economy - Cuts will hit every home and business

LESS than two hours before Brendan Howlin announced €1.4 billion spending cuts in the Dáil yesterday afternoon, a lunchtime meeting began in Paris that will, over time, have a far more profound impact on this society, our economy and the kind of ambitions we can imagine for our children.

German chancellor Angela Merkel and French president Nicolas Sarkozy continued the discussions that will come to some sort of climax this Friday when European leaders meet at the 16th summit since the current euro crisis began. There they will present proposals for a revised EU treaty to facilitate the imposition of strict disciplinary measures and sanctions for eurozone governments.

Mr Sarkozy said they would prefer if all 27 member states approved a new treaty, but would accept one agreed by the 17-member eurozone.