Originally Posted by mediator1964
Originally Posted by later12
You can quite easily run a structural deficit of <0.5% and a debt to GDP ratio of below 60% and still end up with a property bubble and a banking collapse if that's what you mean.
Scorn not my simplicity
I was looking for a reason to vote yes or no
In the context of a referendum, we need to examine the relative merits of both options as looking at one option in isolation is not very useful when it comes to making a choice.
There are things which we can say for certain. The status quo does not work; it did not prevent the extreme boom-bust of the last 10 years, and that is
a matter of historical record. Given it didn't work in the past, it's unlikely to work in the future - see Albert Einstein's definition of stupidity.
Nobody can say for certain if the new system would work, so the question is: is it more likely to prevent the economic conditions we experienced than the existing system and why? During our boom we ran surplus, and the new system would not be triggered by such surpluses. However, the new system commits us to more oversight of our economy at a national, and more importantly, international level. I would imagine that rogue economic behaviour would get a lot more attention than heretofore especially from those reviewers from outside of Ireland, and that might be enough to cause our government to reconsider. So although the proposed system is far from perfect, it's certainly seems better than the totally dysfunctional system we have now, furthermore, it's the only new system on offer.