Spoofers Guide to the Fiscal Treaty

7/31/2019 Spoofers Guide to the Fiscal Treaty

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The Spooers Guide to the Fiscal Treaty page 1


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Introduction:Yeah, butyouwouldsaythat, wouldnt you? .......311 Questions aboutthe FiscalCompactTreaty................................4From someonewho is going tovoteyes.............................................. 6From someonewho is going tovoteno...............................................8Theactual treaty...............................................................................................9Alittlebit moreaboutus........................................................................... 32Acknowledgements....................................................................................... 33

contents

ToassistinreadingthisTreaty,here

sapictureofacute

rabbit.Pleasenotethathardlyanybu

nnieswerekilledin

themakingofthisTreaty.Exceptthi

sonethatpowersthe

espressomachineintheECB.


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Introduction:Yeah,butyou

wouldsaythat,wouldntyou?

We arebiased. TheblueagandtwelvegoldstarsonJasonsletbuttockmighthave given it away.

Letsgetthat outintheopenromthebeginning. Ourbias,thatis.Youdontwantthatotherthingwavedinyourgeneraldirection.

Jasonwas aPDcandidateand hascampaignedoraYes votein everyEUreerendumsinceMaastrichtwhenhe wasntprivatizingorphansand sendingthemdownmines orhedgeunds. Andrea hasworked

orLabour,theEuropeanCommission, theEuropeanMovement andhas alsocampaigned orYesvotes,whenshe wasntnationalizingicecream vans.

WebothareinavouroIrelandremaininginanintegratedEurope,becausethats whatourmastersinBrusselstoldustosay, and whenyougetasuitcasejustbulgingwithused100notes, yourenotgoingtodisagree, areyou?

Sothisisa loadoYespropaganda,right?Actually,thatsatricky

question, because wevelistenedtosomeotheYessidestutooandthought thatitwasaload orubbish.

Wevealso thoughtthatsomeothepointsontheNosideare validandneed to beaddressed.

So, are wesayingvoteYes?

Amazingly, No. Whatwearesuggestingisthatyoureadthis, anduseitas aguidetoaskingmore questionsrombothsides. Thatswhywe

asked both aYesandNoperson to submit apiece.

Will webothvote Yes?Notcertain, but probably.Thatswhoweare,andtheresnopointpretendingotherwise. Butyoumakeyourownmindup.

ANDREA PAPPIN & JASON OMAHONY,

MAY2012


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11Questionsaboutthe Fiscal Compact Treaty

Another bloody referendum on the EU? Seriously?

Araid so. Our Constitution says that i we are transerring power toBrussels us olk have to be asked. Probably not the worst idea, ater all,would you have let Charlie Haughey rewrite the constitution without areerendum? We would have ended up with a two party system: FiannaFail (strawberry avour) and Fianna Fail (orange avour).

1

There are some people on the Yes side saying that this is

a referendum on our membership of the Euro. Is it true?No, its not, and its pretty damn silly or them to be saying so. First, wecannot be legally orced out o the Euro. In act, it would be utterly dator Ireland, the poster child or responsibility, to be expelled rom the

Euro whilst Greece, Europes delinquent son, remains inside, and the resto Europe knows that too, as do the currency markets. Its a herring morered than Joe Higginss Y-ronts.

2

If we vote the wrong way (you know what we mean)will we be asked/told/have something sharp poked inour back and asked to reconsider?

The Taoiseach says no, although he is a proessional politician so makeo that what you will. One thing that is dierent about this reerendumis that the rest o the EU does not need us to ratiy it to pass, as it is aseparate Treaty between countries who just happen to be members othe EU. Whereas previous treaties were drated within the EU, this oneis outside the EU, which means that each country has to decide to joinit. So saying No doesnt stop it. They can go on without us.

3

Whateffectwill aNo votehaveonus?

Well,itlooksveryprobablethatiwevoteNowewillnot

haveaccesstoauturebailout und, norhavea seatat

the summitso25 countries that haveratifedtheTreaty,

remainingoutside withtheCzechsandtheBritish. Bythe

way,therearesome inIrelandwho are quitecomortable

remainingintheBritishsphereoinuence, and would

probably havenoproblemwiththat.

4


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Sinn Fein, and others say that if we vote Yes, it willcopperfasten austerity, and prevent governmentsborrowing in a future recession. Are they right?

Up to a point, yes. Lets be honest, will austerity continue i we vote yes?Yes it will. Will it be reduced i we vote No? Well, see. thats where it allgets wobbly.

Lets ace acts, right now what we bring in nationally interms o taxes is ar less than what we need to und our

public services. At the moment, we cant und that dierenceby borrowing in the bond markets as the interest rates aretoo high or us, because weve a bad fnancial reputation andwere not considered good or it.

Instead, a large o proportion o the dierence is currentlybeing unded by the European Financial Stability Facility. Iwe vote No, we will not have access to uture bailout undsas they are part o this Treaty.

5

IfwevoteNo,westillcantborrowinthebondmarketstofundthisdifference.Sowherewillthemoneycomefromtofundthoseservicesandpreventevendeepercutbacks?

Asor borrowingintheuture, Sinn Fein makeaairpoint. TheysaythatiweratiythisTreatyit willpreventuturegovernmentsromlarge-scaleborrowing to spend ourwayoutoa uturerecession. Thisis

broadlyspeakingtrue.ThisTreatywill stopcountrieslikeGreeceromgoing hogwildborrowingmorethantheycanpossiblyaord.Instead,

countries willonlybeabletospendwhat theycanraise.Likeeverywell-runamilyhome.IacountrywhichsignsthisTreatywantstospendmore today,ithastocollectmoretaxestoday,asopposedtorunningupdebts to bepaid tomorrow to und politicianspromisestoday.Isthata priceworthpayingor nationalsovereignty, though?Canyouputapriceona countrysdignity?

6

The bond markets and the banks seem to want us to vote Yes.Cant we tell them to feck off?

It would eel so good. Yeah, it would. And yes, we can vote No and piss them o,and provided we dont need any more o their money, that would be fne. But thisis the odd bit: People who say they are against austerity, and the cuts, are neverquite able to explain how we would deal with the even bigger cuts caused by notbeing able to get more money rom the EU or bond markets. Remember thatdierence between taxing and spending? Thats doesnt go away, regardless o

which way we vote. Much and all as it pains us, austerity is the new black thisseason. And next season. And the season ater that.

In short, i you want to vote No to piss o the bond markets, thats fne, as long asyou dont mind more cuts to pensions, schools and hospitals.

7

TheBondmarkets.


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But isnt a Yes vote basically a vote to continue austerity?

Yes, it is. Austerity will continue i you vote Yes. Austerity continuesregardless, because we have no money.

SoaNovoteisavoteagainstausterity?

TheundsgiventousaspartoourcurrentdealwiththeEU-

IMFrunoutnextyear.ANovotecutsoanyoptionoextra

undingromthenew undattachedtotheTreaty.Weknow that

the bondmarketswantustovoteYes, sopresumablytheywont

lendusmoney either. Soiwe voteNowewillhaveless money

tospend onpublicservicesthanwehavenow.Isthatmore

austerityorless austerity?Youtellus.

We were promised that a Yes vote last time would createjobs. But unemployment went up. Why should we believeit this time?You dont have to believe it, though just think about this or a moment.How would a No vote encourage more companies to invest in Ireland?Seriously? How exactly would a No vote last time have created jobs?Is there anyone who really believes that there was a better chance o

Twitter, Google and Apple investing since the last vote i we had said No?(All those companies have invested since the last vote).

It is wrong to say that a Yes vote will automatically create more jobs,and the Yes side should stop saying that. It is air to say, however, that aYes vote is more likely to create a climate or companies to invest herethan a No vote. Ask yoursel this, do we want American multinationalsto invest in Ireland? I you do, how do you think they would vote i theycould? Who cares what they think, some will say. Its not their country,which is true. All depends as to whether you want them to create jobshere or not. Its up to you.

DeclanGanleykeepsgoingonaboutdemocracy.Whatsallthatabout,then?

DeclanGanleyhas pointedoutthat whilsttheEUis not atyranny,itdoesntseemtoworkthewayanydemocracythatwedrecogniseworks.Forexample, handsupwhoknewthattheEU hada

presidential electiononMarch1stothisyear?Anyone?Therewas onlyonecandidate,aguynamedHermanVonRompuy, whoistheoutgoing president(1000pointstoanyonewhoknewthat)andisamild-manneredand byallaccountsverycivil gent rom(youguessed it)Belgium.The onlyothercountrythatdoesit thatwayisChina. China!Ganleymakes aairpointthat howcan wekeepgivingpowerstothesepeoplewhenwe dontdirectlyelect them?Isit agoodenoughreasontovoteagainstthetreaty?Nowtheresaquestion.

8

9

10

11

AChineseelection.


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Fromsomeonewho

YESisgoingtovote

Whenaskedsome time agoastohowIintendedtovote

on the upcomingEUFiscaltreaty, I respondedbysaying

thatIwouldvote yes. However, therewasabut, becauseI

eltthatthetreatyonlyfxedhalothe problem odebt

and the otherproblemsintheeurozone.

Thefrstthingtosay isthatthistreaty willnotlimit

the amountomoneythatwecanspendasa country.Itwill, however,set limitson howmuchwecanborrowa

s

aproportionothesizeoour economy.Atpresentwe

areborrowingalmost50millioneverydayjusttopay

orbasicserviceslikehealth, education,localservices

andsoon.Thatsakintoahouseholdborrowingrom

thebankmanagereveryweekorood, heat,lightand

other consumables, justasinmanyhouseholds across

thecountry peoplearemakingchoicesaboutwhat

theyspendandhowtheycangetextraincomewhere

itsavailabletopay ortheirdaytodaylivingcosts. The

governmentneedstodothesame,becausewecannotcontinueto

haveinefcientoroversizedgovernmentandexpectthatworkers or

householdsshouldbemadeliableor aneverincreasingmountaino

debtthatwill accrueintotheuture.

It may havestartedwithabankingcrisis, ollowedquicklyby amassive

global economicdownturnandthenapublicfnancecrisis inseveral

eurozoneeconomies,buttherewillperhapsneverbeabettertime

orrecastingtheeurozonecurrencysystemorthenexthalcentury.

ProperbudgetinganddebtmanagementbyEUstates,intandemwith

appropriatelevelsofnancialregulationoBanksandinstitutions,

shouldbetheoutcomethatweseekinpursuingayesvote. Iaccept,

however, thatwewill havetowait sometimeor the beneftsoa yes

votetomakethemselveseltintermsodebtwrite-downs. Thesame

can besaidoranymeasurestostimulatethewider EUeconomyonce

thefscal ruleshavebeen established.The Germansinparticularwant

toseethatmemberstatesaredemonstratingclear intentwithregard

tofnancialrestructuringandexistingdebt management.

PatHynes,FiannaFail.


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Its perectly understandable that people are deeply unhappy with theprogramme o expenditure reductions and tax increases o the past fveyears. However, the way to demonstrate to the outside world our potential

as an economy and as a place to invest is to get our costs and revenueinto line. A ailure to support a yes vote would send a clear signal to our

EU partners as to our unhappiness with present policies. Such a messagewould be heard ar beyond the borders o Europe and could have a verynegative eect on our capacity to convince investors inplaces like the Far East, where the new wealtho the world is located.

A major challenge or the government will beto show that while we ran budget surpluses,during the boom, we saved 22 billion overthe 10 years o prosperity and we enteredthe current crisis with the lowest level o debtrelative to our GDP. Our problem has been the

direct transer o private sector credit risk romthe banks to the state. This draws attentionto the point that in act the bank debt and notthe national defcits created the circumstanceswhereby the state required the assistance o theEU/IMF program in 2010.

To put it simply, the reason underlying theailure o banks to borrow in their ownmarkets in 2008 became the reason why the state was unable toborrow in bond markets two years later. We just became too risky inan increasingly volatile market environment. This risk remains and

while the burden o debt is undiminished there is now an opportunityto restructure the euro in a series o steps, starting with the fscal treatyand ultimately ending with a new and reconstituted European CentralBank. A no vote will run the risk o at worst leaving us outside the dooro any uture discussions and at best leaving us in the seat where the

microphone is broken.

The uture may be uncertain but I dont like where we are now. Iwould much preer to be at the table expressing a view as opposed tostanding outside waiting or the outcome. Decisions are taken by thosewho show up in the room, and we have to see this as an opportunity toget something better in the uture rather than decrying our sense o

victimhood about how a badly structured euro has contributed to ourdifculties o the past two years or so.

OneotheGiant Lizards

thatrunsEuropeyesterday.


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From someone who

NOisgoingtovote(Unortunately we have yet to receive the No article rom theprominent No campaigner who assures us it is on the way. Oncewe get it, well reissue the document. We would have written the No

argument ourselves, only were sure the No side want to use theirown words, not ours.)


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The actual treaty

And so onto the actual text o the treaty. Now, wait, dont

run awayits a very short treaty, and is relatively easy tounderstand. We say relatively, its not an interview with Jedward,there are long words in it. But it is actually the easiest EU treatyto read. As treaties go, that is. Alright, its at about the samelevel as the instructions or your telly remote. Make o that whatyou will.

And now, the actual treaty...

Onelittlepoint:intalkingtopeople,wehave oundpeoplestrugglingwith

thedierence between debtsanddefcits. Justtoclearitup:A defcit

isthegapbetweenrevenue,that istaxes, actually comingin,andwhat

youarespending. [Inanot-entirely-helpulway,thetreatyincludestwo

dierentdefnitionsodefcit. Therethenormalone, whichis limited to 3%

likeitalways was,andthenew structural one,whichislimitedto0.5%,

butexcludesprovisionwewanttomakeoremergencyexpenditurelike

majordisastersor i, Godorbid,wehad to bailoutanother bank(isthere

abankletthatwehaventbailedout?).The debtistheamountomoney

weactuallyoweonstuweveboughtalready.You know,votingmachines,

PPARssotware, the oddschool, MichaelLowrysconstituency, Berties

subscription to TheRacingPost,thatclassoathing.

Meanwhile,atthe

Bundesbank


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WhattheTreatysays

TREATYONSTABILITY,

COORDINATIONANDGOVERNANCEIN

THEECONOMIC AND

MONETARYUNION

THECONTRACTING

PARTIES....

CONSCIOUS othe obligation

otheContracting Parties,

asMemberStatesotheEuropeanUnion,toregard

theireconomicpoliciesasa

matterocommonconcern,

DESIRINGtopromote

conditionsorstronger

economicgrowthinthe

EuropeanUnion and,tothat

end,todevelopever-closer

coordinationoeconomic

policieswithintheeuroarea,

BEARINGINMINDthatthe

needor governmentsto

maintainsoundandsustainable

publicfnances andtoprevent

agovernment defcitbecoming

excessiveisoanessential

importance to saeguardthe

stabilityothe euroareaasa

whole, andaccordingly requires

theintroductionospecifc rules

toaddressthisneed, including

abalancedbudgetrule andan

automatic mechanism totake

corrective action,

What the Treaty means

OtherwiseknownasTOSCAGITEAMU.

Youll rememberhimromtheLordo

theRings.Letscall ittheFiscalCompact

Treaty,thoughtheGovernmentreally

wantsustocallittheEuropeanStability

Treaty.

EveryonebuttheUKandtheCzech

Republic whodidntwanttobeinthegang.

ACKNOWLEDGINGthat,given howwe

allliveinthesameblock oats,afre

in onewillalmostcertainly burnallothemtotheground, eventheone

belongingtothatGermanone thatlives

inthepenthouseand putshertowels

overthebalconyall otime.

REALISINGthatyeah,we *@ked up.We

needtofxthisEurostu.Andinact

shouldhavereallydonethiswhen weset

uptheEurobuthey,hindsightistwenty-

twentyandall that.1

PLEDGINGtonever againtogivetheGreeks

theirowncreditcard andrealizing that

weneedtodomore thanjusttheright-on

trendyparentthing osaying, werenot

angry at you,werejustdisappointed.

1 The EU is big on works in progress. I we had

been in charge o the Moon landing, wed be

building the ship on the way.


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CONSCIOUSothe needtoensure that their defcits do

notexceed 3 %otheirgrossdomesticproduct at marketprices andthatgovernmentdebt does not exceed, or issufcientlydeclining towards,60 %otheir gross domesticproduct at market prices,

ADDING to these criteria, that alreadyexistinTreatylawsincetheM

aastricht Treatyin1990, the wordsNoseriouslylads we meanit this timeBasically, we cant runupanannual defcit omorethan3% oeverythingwe make in our country. This is thenormaldefcitwe mentioned.

And urthermore we at least promise togetour existingdebt downto 60%oeverythingwe make.

WhattheTreatysays WhattheTreatymeans

RECALLING that theContracting P

arties,as MemberStatesotheEuropean Union,should rerainromadoptinganymeasure whichcould

jeopardise theattainment othe Union's objectives in therameworkothe economicunion, notablythepractice oaccumulating debtoutsidethegeneral government accounts,

COPPINGONthatwe reallyneedtosort this

out and livebythe rule, No seriously, wevegot tostop pricking around withthis debtstu. And dontthinkweve havent noticed

yougettingaccounting tips rom Enron.

BEARINGINMINDthat the

Heads oState or Governmentothe euro area Member Statesagreedon 9December 2011ona reinorced architectureor EconomicandMonetaryUnion,building upon theEuropeanUnionTreaties andacilitatingthe implementationomeasures taken onthe basisoArticles 121, 126 and 136 othe Treatyonthe Functioningothe European U

nion,

REALISING that a) the Euro is still nice and

itisourcurrencyandb) iit does gounderitll be like the 1966 WorldCup and wellnever hear theendoit rom the Brits.

BEARINGINMIND thattheobjectiveothe Heads oStateor Government othe euroareaMember States and ootherMember States otheEuropeanUnionis to incorporate theprovisionsothisTreatyassoonaspossible into theTreaties on which the EuropeanUnionis ounded,

Lads, andAngela, put downthose FerreroRocher andget onwith it.


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WELCOMING the legislative proposals

made by the European Commission or

the euro area within the ramework

o the European Union Treaties on 23November 2011, on the strengthening

o economic and budgetary surveillance

o Member States experiencing or

threatened with serious difculties with

respect to their fnancial stability, and

on common provisions or monitoring

and assessing drat budgetary plans

and ensuring the correction o

excessive defcit o the Member States,

and TAKING NOTE o the Commission's

intention to present urther legislativeproposals or the euro area concerning,

in particular, ex ante reporting

o debt issuance plans, economic

partnership programmes detailing

structural reorms or Member States

in excessive defcit procedure as well as

coordination o major economic policy

reorm plans o Member States,

REALISING that we need to

show the EU all your budgetary

homework and your rough work as

well.

What the Treaty says What the Treaty means

EXPRESSING their readiness to support

proposals which the Commission

might present to urther strengthenthe Stability and Growth Pact by

introducing, or Member States whose

currency is the euro, a new range or

medium term objectives in line with

the limits established in this Treaty,

ACCEPTING that we are more

than happy to listen to whatever

bright idea the Commission comesup next, as long as they stay

away with their weird obsession

or straightening things. I they

were any more obsessed with

straightening things, they would

be running or the Republican

nomination in the US.

TAKING NOTE that, when reviewing

and monitoring the budgetary

commitments under this Treaty,

the European Commission will actwithin the ramework o its powers

as provided by the Treaty on the

unctioning o the European Union, in

particular Articles 121, 126 and 136

thereo,

STARING at the European

Commission with a knowing glance

telling them that they have to play

nice and not get too uppy whenacting as proctologist to Europes

fscal black holes and at least have

the decency to warm their hands.


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NOTING in particular that, or the

application o the budgetary "Balanced

Budget Rule" described in Article 3 o

this Treaty, this monitoring will be made

through the setting up o country specifc

medium term objectives and o calendarso convergence, as appropriate, or each

Contracting Party,

NOTING that all fnancial hair shirts will

be tailor made and ft to suit each *@ked

country beautiully.

NOTING that the medium term objectives

should be updated regularly on the

basis o a commonly agreed method,

the main parameters o which are also

to be reviewed regularly, reecting

appropriately the risks o explicit and

implicit liabilities or public fnance, as

embodied in the aims o the Stability and

Growth Pact,

ASSERTING that experience with pivot

tables in Excel and good calendaring skills

will be required by someone in the EU to

keep everyone on schedule. As supposed

to current practice where anyone with

an uncle in the Greek socialist party who

knows where the Autosum button is can be

appointed an auditor.


NOTING that sufcient progress towards the

medium term objectives should be evaluated

on the basis o an overall assessment

with the structural balance as a reerence,

including an analysis o expenditure net

o discretionary revenue measures, in

line with the provisions specifed under

European Union law, in particular Council

Regulation (EC) No. 1466/97 o 7 July 1997

on the strengthening o the surveillance o

budgetary positions and the surveillanceand coordination o budgetary policies, as

amended by Regulation (EU) No. 1175/2011

o the European Parliament and o the

Council o 16 November 2011 (hereinater

"the revised Stability and Growth Pact"),

ACKNOWLEDGING that there will be a

big shiny report, with venn diagrams,

arrows and ow charts to show how all

this fnancial stu actually knits together.

This will be done up based on all the

rules we agreed twenty years ago but

only pretended to enorce. You know, like

pretending Irish is our frst language.

NOTING that the correction mechanism to

be introduced by the Contracting Parties

should aim at correcting deviations

rom the medium-term objective or

the adjustment path including their

cumulated impact on government debt

dynamics,

NOTING that the EUs equivalent o the

dentists drill, introduced in this treaty,

should be only used or dental purposes.

NOTING that compliance with the

obligation to transpose the "Balanced

Budget Rule" into national legal systems

through binding and permanent

provisions, preerably constitutional,

should be subject to the jurisdiction o the

Court o Justice o the European Union, in

accordance with Article 273 o the Treaty

on the Functioning o the European Union,

NOTING that the European Court o Justice

is the place to air your grievances with all

o this stu in the Treaty i you dont like

something.


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RECALLING that Article 260 otheTreatyon the Functioningothe EuropeanUnionempowerstheCourt oJusticeothe

EuropeanUnionto imposethepaymentoa lumpsum or penaltyon aMember StateotheEuropean Union havingailed tocomplywith one oitsjudgmentsandthatthe European Commissionhasestablishedcriteria or the determinationothelumpsumorpenaltyto be paidintherameworkothat Article,

.andtheycanfneyoutoo.

RECALLINGthe need to acilitate theadoption omeasures under the excessivedefcit procedure otheEuropean Unionor euroarea Contracting Parties whoseplannedor actual government defcit togrossdomestic product exceeds3%, whilst stronglyreinorcing the objectiveothat procedure,namelyto encourage and, inecessary,compel the Member State concerned toreduce a defcit whichmight beidentifed,

RECALLING EUcountrymembers the power that weregivi

ng the EUinstitutions andour ellowEU countrymembersto make that noise rom FamilyFortunes (EhEhhhhh!) when

you get an answer wrong iweregoingona fnancialbender.

RECALLINGtheobligation or thoseContractingParties whose government debtexceeds the60 %reerence value to reduceitat anaverage rate o

one twentiethper yearas a benchmark,

REMINDINGeveryonethat wereallydidnt instigate theserulesbeoresoeveryonehasto

promise topayotheircreditcard billby5%everyyearandnotjust payingoyourminimum paymentamount.

BEARINGINMINDthe need to respect, inthe implementationothis Treaty, the specifcrole othesocial partners, asitisrecognizedin the lawsornational systems oeachotheContracting Parties,

BEARING INMIND thatTheBeards rom LibertyHallhavetobeallowed aewpressconerences wheretheystartwith, In consultationwith mymembers and within agreedprocedure

STRESSING that noneothe provisions othisTreatyis to be interpreted as alteringin anywaytheeconomic policyconditionsunder which fnancial assistancehas

been grantedto aContractingPartyinastabilisationprogrammeinvolving theEuropeanUnion, its Member StatesandtheInternational MonetaryFund,

RECOGNISINGthat this isallbit like Top Trumps otheeconomicallyeckedand thatthisTreatycannotbeusedto trumpanythingalreadypreviouslyagreed withtheEU-IMF. Inshort,Ajai Chopra trumpseveryone.



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NOTING that the smooth unctioning o the

Economic and Monetary Union makes it necessary

that the Contracting Parties work jointly towards

an economic policy where, whilst building upon

the mechanisms o economic policy coordination

as defned in the European Union Treaties, they

take the necessary actions and measures in all

the domains which are essential to the good

unctioning o the euro area,

NOTING that everyone

has to play nice with each

other and lets try and

agree a Common Economic

Policy on something while

pretending that we are not.

NOTING, in particular, the wish o the Contracting

Parties to make more active use o enhanced

cooperation, as provided or in Article 20 o

the Treaty on European Union and in Articles

326 to 334 o the Treaty on the Functioning o

the European Union, without undermining the

internal market, as well as to make ull recourseto measures specifc to the Member States whose

currency is the euro pursuant to Article 136 o the

Treaty on the Functioning o the European Union,

and to a procedure or the ex ante discussion

and coordination among the Contracting Parties

whose currency is the euro o all major economic

policy reorms planned by them, with a view to

benchmarking best practices,

NOTING that i some

countries are very

enthusiastic and have already

flled in their designated

maths homework in their

workbooks, they can crack

on ahead together, as long aseight o them want to.

RECALLING the agreement o the Heads o State

or Government o the euro area Member States

on 26 October 2011 to improve the governance othe euro area, including the holding o at least two

Euro Summit meetings per year, to be convened,

unless justifed by exceptional circumstances,

immediately ater meetings o the European

Council or meetings with the participation o all

Contracting Parties having ratifed this Treaty,

ENJOYING the act that the

Brits and the Czechs will be

made sit outside while therest o us tell jokes about

them inside the room.


RECALLING also the endorsement by the Heads

o State or Government o the euro area Member

States and o other Member States o the European

Union on 25 March 2011 o the Euro Plus Pact

which identifes the issues that are essential toostering competitiveness in the euro area,

RECALLING that

Competitiveness is a word

score o 24 in Scrabble

(without actoring double or

triple score plays) and as aresult has to be mentioned

in every EU-related treaty.

STRESSING the importance o the Treaty

establishing the European Stability Mechanism as

an element o a global strategy to strengthen the

Economic and Monetary Union and POINTING OUT

that the granting o assistance in the ramework

o new programmes under the European Stability

Mechanism will be conditional, as o 1 March 2013,

on the ratifcation o this Treaty by the Contracting

Party concerned and, as soon as the transposition

period mentioned in Article 3(2) has expired, on

compliance with the requirements o this Article,

STRESSING the point that i

you dont sign this Treaty,

you aint getting the keys to

the Scrooge McDuck style

money bin in Frankurt.2

2 This is alsoknownastheIrish clause.


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NOTING that ... are ContractingParties whosecurrencyis theeuro and that, as such, theywill

be bound bythe provisionsothisTreatyrom thefrst dayothemonth ollowing the deposit otheirinstrument oratifcationithe Treatyis inorceat that date;NOTING ALSOthat... are ContractingPartieswhich, asMemberStates othe EuropeanUnion, have, at the date osignatureothis Treaty,a derogation oranexemptionromparticipationinthesinglecurrencyandmaybe bound, aslong asthis derogation or exemption is notabrogated, only

bythose provisions o

NOTING that [whoever signsthis who

are in theEuro] isboundbyit.

NOTINGALSO that [whoeversigns this whoare not in theEuroyet] arenotbound bythebitsabout theEurountiltheyjointhe Euro.

(yes, weknow this is theblinding obvious but thisTreatywas writtenat

3:10am in the morningater37pots oBelgian coee.Were luckythereisnt amention oan aardvark init. Maywe alsonote thatinstrument oratifcationsounds damnsaucyandwevenow put this downonourbirthdaylists.)


Titles III and IVbywhichtheydeclare, ondepositing their instrument oratifcation or at alater date, that theyintend to be bound,

NOTINGthat the peoplewhosign this thingwillactually

beboundbyit. Well, theyare proessional politiciansater all.

The Commission wasdetermined to knowwhat Enda spent onchocolate digestives.


18/32


HAVE AGREED UPONthe ollowing

provisions:

Here comes the (political)

science bit.

TITLE I:PURPOSE AND SCOPE

Article 1

1. By this Treaty, the Contracting Parties

agree, as Member States o the European

Union, to strengthen the economic pillar

o the Economic and Monetary Union

by adopting a set o rules intended to

oster budgetary discipline through

a fscal compact, to strengthen the

coordination o economic policies and

to improve the governance o the euro

area, thereby supporting the achievement

o the European Union's objectives

or sustainable growth, employment,

competitiveness and social cohesion.

The members all agree to

be in avour o rules or

nice economic stu like

jobs, selling stu to other

countries, and not sending

children down mines, unless

they are mines ull o Kinder

eggs that the children

volunteered to go down in

the frst place. And to listen

to The Beards o Liberty Hall

occasionally.

2. The provisions o this Treaty shall apply

in ull to the Contracting Parties whose

currency is the euro. They shall also apply

to the other Contracting Parties to the

extent and under the conditions set out in

Article 14.

I you use the euro, or have

plans to use the euro, your

names on the list and you

can come in provided theres

no unny business.


TITLE II CONSISTENCY AND RELATIONSHIP WITH THE LAW OF THE UNION

Article 2

1. This Treaty shall be applied and

interpreted by the Contracting Parties in

conormity with the Treaties on which the

European Union is ounded, in particular

Article 4(3) o the Treaty on European

Union, and with European Union law,

including procedural law whenever

the adoption o secondary legislation is

required.

This is so we can all carry on

as i this really was an actual

EU Treaty. Which its not.

2. The provisions o this Treaty shall apply

insoar as they are compatible with the

Treaties on which the Union is ounded

and with European Union law. They shall

not encroach upon the competences o the

Union to act in the area o the economic

union.

Although this treaty is

outside the EU, nothing in

it will be used to overrule

things in the Union. Basically,

this is the thing that the Brits

and Czechs will be having

this printed on t-shirts. The

Treaty cant be used to stop

Britain exporting bowler

hats, One Direction and

things with Kate Middletons

ace on them.


19/32



Article 3

1. The Contracting Parties shall apply the

ollowing rules, in addition and without

prejudice to the obligations derived rom

European Union law:

Heres comes the un bit

that gives non-economists a

nosebleed. You might want

to get a cup o coee and a

pencil or this, as you read

this out to yoursel very

slowly, enunciating in an

attempt to make this stu

enter your head. Good luck.

God speed.

a). The budgetary position o the

general government shall be balanced

or in surplus.

Broadly, what you spend

as a country has got to be

equal or less than what you

take in. Were walking, werewalking

TITLE III: FISCAL COMPACT

b). The rule under point a) shall be

deemed to be respected i the annual

structural balance o the general

government is at its country-specifc

medium-term objective as defned in the

revised Stability and Growth Pact with

a lower limit o a structural defcit o

0.5 % o the gross domestic product at

market prices. The Contracting Partiesshall ensure rapid convergence towards

their respective medium-term objective.

The time rame or such convergence

will be proposed by the Commission

taking into consideration country-

specifc sustainability risks. Progress

towards and respect o the medium-

term objective shall be evaluated on

the basis o an overall assessment with

the structural balance as a reerence,

including an analysis o expenditure

net o discretionary revenue measures,

in line with the provisions o the

revised Stability and Growth Pact.

Were into here.deep

breath

You cant have a defcit

bigger than 0.5% o the value

o everything you make in

the country. This is the new

structural defcit, which

leaves all the wiggle room.

I your defcit is currently

larger than this, the

Commission will agree a plan

as to how to reach that target

airly sharpish, including

having a good shuty

around what youre paying

or staples and printer

cartridges. All this will be

in line with previous rules

we agreed in the MaastrichtTreaty called the Stability

and Growth Pact which we

all pretended to stick to but

didnt. So this time we really,

really mean it. Really.


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c). The Contracting Parties may temporarily

deviate rom their medium-term objective

or the adjustment path towards it only in

exceptional circumstances as defned in

paragraph 3.

You can deviate slightly rom

the agreed plan in the event o

a major hoohah, like a Martian

Invasion or B*witched

reorming. Or or unding abrand new season o The West

Wing. Well, obviously.

d). Where the ratio o government debt to

gross domestic product at market prices is

signifcantly below 60 % and where risks

in terms o long-term sustainability o

public fnances are low, the lower limit o

the medium-term objective specifed under

point b) can reach a structural defcit o at

most 1.0 % o the gross domestic product at

market prices.

I you get your ongoing

national debt to less than 60%

o the value o what youre

making, and youre not acting

the maggot promising ree

gold plated rocket cars to your

voters, you can increase your

defcit to 1%. Which is nice.


e) In the event o signifcant observed.

deviations rom the medium-term objective

or the adjustment path towards it, a

correction mechanism shall be triggered

automatically. The mechanism shall include

the obligation o the Contracting Party

concerned to implement measures to

correct the deviations over a defned period

o time.

In the old days, i you were

acting the maggot and

not reaching your target,

some gentlemen rom the

Commission will be around

your house to persuade you

o the error o your ways.

They have since realised that

those gentlemen in their

grey suits and oddly-rimmed

glasses werent actually that

persuasive.

So now we have a new

approach. Basically, every

countrys Keanu Reeves has

to keep the bus at a certain

speed or else it blows up. The

dierence is that, in this flm,

each country wires their own

bus with explosives.

Iattackedbythisguy,youcanborrowslightlymore.


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22/32


Article4

Whentheratio otheir general government debt togrossdomesticproduct exceedsthe 60% reerence

valuementionedunderArticle 1 oProtocol (No 12),theContracting Partiesshall reduceit at an averagerateoone twentiethperyear as abenchmark, asprovided or in Article2 oCouncil Regulation(EC) No.1467/97o7 July1997on speeding up andclariyingthe implementationothe excessivedefcit procedure, asamended byCouncil Regulation(EU) No. 1177/2011o8November 2011.The existence oan excessivedefcitdue to thebreach othedebt criterion will be decidedaccordingtothe procedure set orthinArticle 126 otheTreatyonthe Functioningothe EuropeanUnion.

A requirement that wehave to cut ouroutstandingdebt by5%peryear untilwe reach 60%oGDP. Thisis, to be honest, a bigask.Althoughwe do have 20

years todoit.

Article5

1. The Contracting Parties that are subject to anexcessivedefcit procedure under the European UnionTreatiesshall put in placeabudgetaryandeconomicpartnership programme includinga detailed descriptionothestructural reorms whichmustbe put inplaceandimplementedto ensure an eectiveanddurablecorrection otheir excessive defcits. The contentandormat othese programmes shallbed

efned inEuropeanUnionlaw. Their submissiontothe EuropeanCommissionand theCouncil or endorsement and theirmonitoring will takeplacewithinthecontext otheexistingsurveillance procedures otheStabilityandGrowth Pact.

We have to write downeverything wepromise todo. In our case, welljustshowthem the letter byMr ChoprawithWhat hesaid scrawled in crayon

byEnda down the bottom.


2. The implementation otheprogramme,and theyearlybudgetaryplansconsistent with it, willbe monitoredbythe CommissionandbytheCouncil.

What it says.

Article6

With aview to better coordinatingthe planning otheirnational debt issuance, the Contracting Parties shallreport ex-ante ontheirpublic debt issuanceplans to theEuropean Commissionandtothe Council.

Beore wesidle upto anerrant bond manager andask Anychange you couldfx us upwith50billionuntil payday? wehavetotell the rest othe EU. Andtheywill have to do thesame or us.


23/32


Article7

Whileullyrespectingthe procedural requirements

othe EuropeanUnionTreaties,theContracting

Partieswhosecurrencyistheeuro commit tosupportthe proposalsorrecommendations

submitted bythe EuropeanCommissionwhereit

considersthat aMember State otheEuropean

Unionwhosecurrencyis theeurois in breach

othe defcitcriterionintherameworkoan

excessivedefcitprocedure. This obligation

shallnot applywhereitisestablished among

the ContractingPartieswhosecurrencyisthe

euro that aqualifedmajority othem, calculated

byanalogywiththe relevantprovisionsothe

European UnionTreaties without taking intoaccountthepositionothe Contracting Party

concerned,isopposedtothedecisionproposedor

recommended.

Itsgoing to be takenas

agiventhat everyone

whohasthe Euro isgoingtosupportthe

drug rehabilitation

programme thatthe debt

junkie isadministeredby

theCommission,unless

around60%othem

dont thinkthatcourse o

methadoneisgoingtodo

thejob. Thejunkieisnot

part othat decision as

theyareprobably wrecked

outoit.

WhattheTreatysays What the Treatymeans

Article8

1. TheEuropeanCommissionisinvitedtopresent

induetime to theContractingPartiesa report

ontheprovisionsadoptedbyeach othem in

compliance withArticle3(2). ItheEuropean

Commission, aterhaving giventheContracting

Partyconcernedtheopportunityto submititsobservations, concludes inits reportthat a

ContractingPartyhas ailed tocomplywithArticle

3(2),the matterwill be broughtto theCourt o

Justice otheEuropean Unionby one or more o

theContracting Parties. Wherea Contracting Party

considers, independentlyotheCommission's

report,that another Contracting Party has ailed

tocomply withArticle 3 (2),it mayalso bringthe

matter totheCourtoJustice. Inboth cases,the

judgment otheCourtoJustice shallbe binding

on theparties intheprocedure,which shall takethe

necessarymeasurestocomply withthe judgment

withina periodtobedecidedbytheCourt.

Theothercountries can

take you totheEuropean

Court iyoudontwire

your bus withexplosives.

This metaphoris getting

tired. TheCourt canmake

youcancel it.


24/32


2. I, on the basis o its own assessment or o an

assessment by the European Commission, a Contracting

Party considers that another Contracting Party has

not taken the necessary measures to comply with

the judgment o the Court o Justice reerred to in

paragraph 1, it may bring the case beore the Court o

Justice and request the imposition o fnancial sanctions

ollowing criteria established by the Commission in

the ramework o Article 260 o the Treaty on the

Functioning o the European Union. I the Court fnds

that the Contracting Party concerned has not complied

with its judgment, it may impose on it a lump sum or a

penalty payment appropriate in the circumstances and

that shall not exceed 0,1 % o its gross domestic product.

The amounts imposed on a Contracting Party whose

currency is the euro shall be payable to the EuropeanStability Mechanism. In other cases, payments shall be

made to the general budget o the European Union.

The European Court can

fne you up to 0.1% o

your GDP or taking the

piss. Yes, we know, fning

someone or not cutting

spending because they

have no money is a bit

o a novel approach. Its

like throwing a bucket o

petrol at someone who

is on fre or not putting

out the fre ast enough,

but thems the rules. And

people say the Germans

have no sense o humour.

3. This Article constitutes a special agreement between

the Contracting Parties within the meaning o Article

273 o the Treaty on the Functioning o the European

Union

We ound a legal thing in

those Treaty whatsits to

say this is a legal thing to

do. So there.


BritishChancellorGeorgeOsbornewasquitecontentoutsidethemeetings,thankyou.


25/32


26/32


TITLE VGOVERNANCEOF THEEUROAREA

Article12

1. TheHeadsoState or Government otheContractingParties whose currencyis theeuroshall meet inormallyin Euro Summit

meetings, togetherwith the President otheEuropean Commission. The President otheEuropean Central Bank shallbeinvitedtotake part inthe meetings. The Presidentothe Euro Summitshall be appointed bytheHeads oState or Government otheContractingParties whose currencyis theeurobysimple majorityat the same time theEuropean Council electsits President and orthe sametermoofce.

We shall all meet inormally,whateverthatmeans, to discussstubeore Cameron and

the Czechguyarrive. Istheinormally legallybinding?CansomeonesayWait, Sarkozyis speaking in theVousratherthan the Tu, sononeothisis

binding! Or Hey, theDutch guyis slouching! Not legal until hesits upstraight!

Thepresident othe EuroSummit Group will beelected, and

probablybe that Belgian guy. OrsomeBelgianguy.

2. EuroSummit meetings shall take place,when necessary, and at least twice a year,todiscuss questions relatedto thespecifcresponsibilities which the ContractingPartieswhose currencyis the euro sharewith regardtothe singlecurrency, other issuesconcerningthegovernance otheeuro areaandthe rulesthat applyto it, andstrategic orientations ortheconduct oeconomic policiestoincrease

convergence in theeuro area.

There shall be moresummits togo withthe summits. You knowwhat,ourbest tipis to startinvesting inBrusselscateringfrms: Thats where themoneyis.


3. TheHeadsoState or Government otheContractingParties, other thanthose whosecurrencyisthe euro, whohaveratifedthisTreatyshall participate in discussionsoEuroSummit meetings concerningcompetitiveness or the Contracting Parties,themodifcationotheglobal architectureothe euro areaand theundamental rulesthat will applyto it inthe uture, aswellas, when appropriate and at least once a

year, in discussions onspecifc issues oimplementationothisTreatyon Stability,CoordinationandGovernance intheEconomic and MonetaryUnion.

Thepeoplewho signed upbutdont usethe Euro can come.

Oiyoustructuraldefcitthis!


27/32


4. The President othe Euro Summit

shall ensurethepreparationand

continuity oEuro Summit meetings,

inclosecooperation withthePresident

othe EuropeanCommission. The body

chargedwith the preparation and ollow

upothe Euro Summitmeetingsshall

bethe Euro Group anditspresidentmay

beinvited toattendtheEuroSummit

meetingsor thatpurpose.

TheBelgianguymentioned earliershall

booktheroom,make sure theresnibbles,

etc.

5. ThePresident otheEuropean

Parliamentmay be invitedtobeheard.

The President othe Euro Summit

shallpresenta report totheEuropean

Parliament atereach othemeetingso

theEuroSummit.

Anoddclause. Cant theyinvite anyone

theywanttoaddressthem?Couldnt

theyinviteKajagoogooitheywanted?

OrthatMichaelWinslow, you know,the

guywhousedtomake allthenoisesin

the PoliceAcademymovies?Anyway, the

EuropeanParliament getsamention in

the document. Bless.

Oh, urthermore,theEuropeanParliament

will alsohaveanissueoTheEconomistsent tothem on aregular basis.

What theTreaty says WhattheTreatymeans

6. ThePresidentotheEuroSummit

shall keepthe Contracting Partieswhose

currencyisnot the euroand theother

Member States otheEuropean Union

closely inormed othepreparationand

outcomeotheEuroSummit meetings.

Everybody will be toldeverything. Even

theBritsand theCzechs,which isnice.

Article13

As oreseenin TitleIIoProtocol (No1)ontheroleonationalParliaments

inthe EuropeanUnionannexed to

the EuropeanUnionTreaties, the

EuropeanParliamentandthenational

Parliamentsothe Contracting Parties

willtogether determinetheorganisation

andpromotionoaconerence

orepresentatives otherelevant

committeesothenationalParliaments

andrepresentativesotherelevant

committeesotheEuropeanParliament

inordertodiscussbudgetary policies

andother issuescovered by this Treaty.

TheEuropeanParliamentand the

NationalParliamentswill all meetto

discussbudgetarypolicy, whichisagood

idea becauseitwillallow IrishTDs tofnd

outwhattheIrish government is upto

romproper parliaments.


28/32


TITLEVIGENERALANDFINALPROVISIONS

Article14

1. ThisTreatyshallberatifed bythe ContractingParties inaccordancewith their respectiveconstitutional requirements. Theinstruments oratifcationshallbedepo

sited withthe GeneralSecretariat othe Council otheEuropean Union.

Wedeposit our InstrumentoRatifcationater a reerendum.The Frenchand Germans have

a vote inParliament. We have noideawhatthe Italians do,but betit involvesa lotoprettygirlsdancing.

2. This Treatyshallenter intoorceon1 January2013, providedthat twelve Contracting Partieswhosecurrencyis the eurohave deposited theirinstrumentoratifcation,oron the frst dayothemonthollowingthedeposit othetwelthinstrumentoratifcationbya Contracting Partywhosecurrencyis the euro, whichever is the

earlier.

Thetreatycomes intoorce when12Eurozone countriesratiyit.


3. This Treatyshall applyasromthe dayoentryinto orce amongst the Contracting Parties whosecurrencyistheeuro and which have ratifedit.Itshall applytothe otherContractingPartieswhose currencyisthe euro as rom thefrstdayothemonthollowingthedeposit otheirrespectiveinstrumentoratifcation.

Iyoure not one othefrsttwelve, you can come lateto theparty.

4. Byderogationtoparagraph 3, Article 12shallapplytoall ContractingParties whose currencyis the euroasromthe dat

e othe entryintoorce othis Treaty.

All the stuabout being allowedinto meetingsin Article12

appliesto everyone whether theyratiyit ornot.

5. ThisTreatyshall applyto the ContractingParties witha derogation as defned in Article139(1) otheTreatyon theFunctioning otheEuropean Union, or with an exemption as defnedinProtocol No16on certainprovisionsrelatedtoDenmarkannexed to the EuropeanUnionTreaties, which have ratifed it, as rom thedaywhen the decision abrogatingthat derogation orexemptiontakes eect, unless theContracting

Partyconcerned declares itsintentiontobeboundatanearlier datebyall or part otheprovisionsinTitles III and IVothis Treaty.

As above, or countries that donthave the Euro but wouldstill liketo signthis document.

Whathesaid.


29/32


Article 15

This Treaty shall be open to accession by

Member States o the European Union

other than the Contracting Parties.

Accession shall be eective upon the

deposit o the instruments o accession

with the Depositary, who shall notiy the

other Contracting Parties thereo.

Just on the odd chance, the Brits

and Czechs can join i it takes

their ancy. Stranger things have

happened. Severus Snape turned

out to be a goodie, or example.


Article 16

Within fve years at most ollowing the

entry into orce o this Treaty, on the

basis o an assessment o the experiencewith its implementation, the necessary

steps shall be taken, in compliance

with the provisions o the Treaty on

the European Union and the Treaty

on the Functioning o the European

Union, with the aim o incorporating the

substance o this Treaty into the legal

ramework o the European Union.

Within fve years well will try

and put this stu in the treaties

proper, assuming that the Britswont act up or will have fnally

buggered o in a hu waving

a rolled up Daily Mail and

complaining that, they didnt

even do egg and chips!

Done at Brussels on the ... o ... in the

year two thousand and twelve in a

single original whose Bulgarian, Danish,Dutch, English, Estonian, Finnish,

French, German, Greek, Hungarian,

Irish, Italian, Latvian, Lithuanian,

Maltese, Polish, Portuguese, Romanian,

Slovak, Slovenian, Spanish and Swedish

texts are equally authentic, which

shall be deposited in the archives o

the Depositary which will transmit a

certifed copy to each o the Contracting

Parties.

Valid in all sorts o languages.

NotintheTreaty.


30/32


Alittlebitmoreabout

JasonOMahonyhas,inno particularorder,been toldby

94%ovoters in the1999 Dublincitycouncil elections togo

away, crashedasnowmobileinNorthernSweden, accidentally

ondleda womansbacksidewhilstinconversation witha

Europeanjusticeminister, andbeenaccusedobeenpaid

millionsbytheGiant LizardsthatallegedlyrunEurope.

BasedinDublin, Ireland, hewritesamonthly columnor

DowJonessMarketwatch, andhas also has writtenor media

asdiverse as The Irish Times, The Dublinermagazine, The

Phoenixmagazine, andE!Sharp magazine. He alsowrote The

Spooers GuidetotheLisbonTreaty.

Jason is38,but eels mucholder. Herecentlypublished

The MinistryoLove, his frstnovel, whichisavailable on

Amazon as aneBook. Heblogs about internationalpolitics,

writing,books, TV,movies, andstuthatreallyannoyshim

inathinly-read blog(www.jasonomahony.ie) readbylonely

Norwegian fshermen(probably), Dutchgrandmothers(true),

andcats thataccidentallyhit therightkeyon keyboards(probably true).

He spendsalot otimeGooglinghimselandbeingdisappointed.

[email protected],unlessyouarea)looking

or money,b)wishtoadvisehimonhowto smugglemoney outoNigeria,

orc)wanttosellhimpills tomakehispenis bigger.


31/32


Andrea Pappinis a woman who once wore red shoes on

the television that caused quite an over reaction on Twitter.

Despite being exposed to extreme levels o bureaucracy

ater working or the Department o Foreign Aairs, the

UN, the European Commission and the Labour Party

(and a cracking array o institutional access badges), her

unending passion is explaining politics in English. In 2011,

her bearded riend Jason OMahony (see above) and her set

up www.election2011.ie to see i you could explain an Irish

election using custard creams.

In addition to her unending interest in how Ireland is run

and explaining things using anything rather than jargon,

she has also quite an irrational love o James Bond, risotto,

the general quirks o Irish society and making lists.

Shes got very little time or whingers, archaic bureaucracy,

the answers thats not my job or because thats justthe way its always been done and any orm o ood that

involves fsh being previously wrapped in a can. Shes also

got quite a loud laugh, has a love o stationery shops and has

a bicycle that shes very, very proud o.

She runsher owncompanyPlain TalkingProductions whichdoescommunciations adviceandtraining. Shes alsobeen dipping her toe into

broadcasting so arshes been a TV3 correspondent, worked with2FMsTubridy, hosteda ewshows on Newstalk suchasTheSundayShow andTalking Point and currentlyhas a regular contributorslot with Moncrietalking about the news around the world that you maynot have heard about.

Youcancontact her throughthe website www.plaintalking.ie or via Twitter at@andrea_pappin.

Acknowledgements

AbigthankyoutoKarenPappinorherexcellentdesignskillswhichhavedoneallSpooersGuides,toourlegalteamormakingsurewedidntsayanythingtooillegalandaddingthejokeabouttheflmSpeed,toPatHynesorwritingtheYesargumentandtoEoinOBroin,whoisuriouslyracingtocompletetheNosubmission.


32/32

spooers 2012

Spoofers Guide to the Fiscal Treaty

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Transcript of Spoofers Guide to the Fiscal Treaty