Thursday, February 9th, 2012
Today's weather     
Technorati Profile

Last month, the Irish electorate derailed what was supposed to be a rubber stamp approval of the new “Reform Treaty” following defeat of the EU Constitution more than two years earlier at the hands of the French and Dutch voters. Not to risk the same fate as the draft Constitution two years earlier, each member state (with the notable exception of Ireland) agreed not to submit ratification of the Reform Treaty to their electorates, but rather to leave such approval to their respective governments. The Irish, however, were required to submit the Reform Treaty to public vote due to the requirements of the Irish Constitution. 

Now that the ratification process has had a monkey wrench thrown into it by the Irish rejection of the Reform Treaty, some other EU member states who have not yet ratified the Reform Treaty are having second thoughts. The Polish government has ratified the Reform Treaty; however, President Kaczyński has publicly announced that he no longer sees a rush to actually sign off on the ratification. After all, what is the point if all member states must ratify the Reform Treaty in order for it to become binding law, and Ireland has already said no?

Last week, President Kaczyński met with French President Sarkozy. After their meeting the Polish President announced that he would not be an obstacle to ratification of the Reform Treaty, and that he would sign off on the Reform Treaty “at the appropriate time” after consulting with other leaders. I have no idea what he meant by “at the appropriate time”. Nor do most commentators understand what the Polish President hopes to gain by delaying signing. At least in Poland recent polls show that more than 70 percent of the population supports ratification of the Reform Treaty. So the question needs to be asked: What is our President waiting for? Less anyone forgets, this is the same President who signed the Reform Treaty last December on behalf of Poland. And now he is hesitating to ratify the same Reform Treaty into law? Why?

Paul B. Fogo

  Comments (0)         READ MORE  
 
Other blogs
Corporate Finance/M&A Corner
Financial literacy
BY Les Nemethy
Just think: If more people were financially literate, there might never have been a mortgage crisis in the US, or a Swiss ... READ MORE
Corporate Finance/M&A Corner
Yields on European government bonds
BY Les Nemethy
The chart below represents one of the most important charts for European financial markets in 2011, perhaps even for global ... READ MORE
Our partners