Publication

Ratification of the fiscal compact in Ireland does not determine the future of the fiscal compact, which will in any case come into force if it is ratified by at least 12 of the 17 Euro-area states. The referendum results are, however, of significance for Ireland itself, and could influence the EU-wide debate on how to tackle the debt crisis. Irish approval of the fiscal compact sends a positive signal to investors, and that could facilitate recovery on the financial markets.