No vote a first step towards growth

The kernels of the crisis, bank debt and growth, are not in the treaty, writes Michael Taft

THERE are two forces driving the European crisis. The first is the continuing instability in the European banking system. The second is the spectre of low growth and stagnation. The fiscal treaty has nothing to say about the banking crisis and it will make the low-growth crisis even worse.

That is why the fiscal treaty is bad for Ireland and bad for Europe.