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Current Events - Article Example
Finance & Accounting
Pages 5 (1255 words)
Current Events The article in USA Today by Gabrielle Steinhauser titled as “EU Leaders Sign Financial Treaty with new Budget Discipline” presents a discussion on the signing of a financial treaty within the European Union purposely meant to prevent seventeen member countries from living beyond their means…
The article further highlights that there have been other separate treaties for the EU states against the new rules. Consequently, this move bars the new treaty from utilizing some of the institutions of the Union, including the European Commission to implement and monitor the treaty. The article further highlights fears of economists and leaders that the tighter rules may limit government maneuvers in tough economic situations enforcing Germany-style fiscal discipline on countries with completely different cultures and economies. Steinhauser also points out that Ireland pose the greatest threat to the success of the treaty, especially with its decision to hold a public referendum on the ratification of the treaty on Stability, Coordination, and Governance in the Economic and Monetary Union (Steinhauser). From a personal point of view, the treaty is a considerate action based on the European Social model of improving working and living conditions and sustainable economic growth. However, the fact that the treaty imposes a particular form of financial discipline may be unfair, considering that the majority of the countries in the Euro Zone have different economies and cultures. ...
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