Passing treaty won’t stop mounting debt crisis

Mr Dervis’s article concerning government debt within the eurozone (Irish Examiner, May 17) focuses on the current fad on overcoming the economic crisis- growth, not austerity.

However, the nature of a properly-functioning single currency is being overlooked; it has to be underpinned by a fiscal transfer union.

Instead of a social-democrat mechanism of stability through fiscal redistribution, we have a monetary union without fiscal transfer union, which is a neo-liberal gift to speculators in debt-markets.