‘Treaty would not have prevented crisis’

A damning report on the fiscal treaty and its new rules intended to have eurozone countries run close to balanced budgets has been released by Davy Stockbrokers.

Davy chief economist Conall MacCoille believes that if the treaty had been in place over the past decade, it would not have identified or prevented Ireland’s economic crisis.

Some elements of the rules are vaguely defined while some of the guiding targets are little more than vague, theoretical concepts that will be difficult to measure.