NEW YORK BOSTON |#Popular: Irish Celebrity Gossip Irish in US Politics Irish Festivals Irish Roots Irish Entertainment Offbeat Irish

Home Page > News > American Chamber of Commerce Ireland tells Irish to commit to the European Union

American Chamber of Commerce Ireland tells Irish to commit to the European Union

Leery of the EU, Irish told to take the medicine

ANTOINETTE KELLY,

IrishCentral.com Staff Writer

Published Sunday, February 19, 2012, 7:37 AM

Updated Sunday, February 19, 2012, 7:37 AM

Larger Text

E-mail

8 Comments

Ireland's future prosperity and its continued ability to secure major U.S. investment will depend on it committing itself to the European Union and to the new budget-discipline treaty, the president of the American Chamber of Commerce Ireland Peter O'Neill told a gathering of executives on Friday.

O'Neill, who is general manager of International Business Machines Corporation in Ireland, told a gathering of top flight executives that Ireland, despite its small population, accounts for one sixth of all total investments made by U.S. firms in Europe.

"It is essential to ensure that the confidence of business in Europe, and of Ireland's role within it does not waiver," O'Neill said in a report that ran on Nasdaq.com. "As a country, Ireland has to make important strategic judgements about what its interests are and where they lie. The American Chamber is convinced that Ireland's strategic interest lies in being at the heart of the European project."

Currently the Irish government is awaiting advice from its senior law officer as to whether or not it should put the EU's fiscal treaty to a public referendum.

In the event of the government losing, such a vote would call into question Ireland's continued participation in the euro zone.

Irish voters could use the referendum to oppose the austerity measures required under the bailout program agreed to with the EU, the International Monetary Fund and the European Central Bank over a year ago.

Meanwhile O'Neill told the gather that U.S. firms had been impressed by the commitment of the Irish government to maintaining the country's 12.5% corporation tax rate.

Ireland is also hoping the strength of its export industry will help get it out of the bailout program. Signs that export growth will slow this year due to the euro debt crisis have not unduly alarmed analysts.

_______________

Irish government agrees to new European Union treaty subject to legal advice

Irish abortion law may change after EU ruling

Death of EU advocate a chance to revisit his vision

_________________

Nster.com

E-mail

8 Comments

See all comments

joycean | Feb 21, 2012, 10:13 AM EST

A reason American-based multi-nationsl opened in Ireland its it was a less expensive (low corporate tax) entrance to the EU. Leaving the EU would probably cause Ireland to lose some of thos corporations.

Report abuse

IrelandNorth | Feb 20, 2012, 06:20 AM EST

This is the same old tireless corporatist argument resuscitated. The EU is composed of all previous world imperial powers - Britian, France, Germany, Spain, Portugal, Holland, etc. It's a case of macro-imperialism. Purest form of colonisation is economic. No military garrisoning necessary. Just contract in complicity by local politicians. Check out a site called , and read "Inside Anglo: The Bank that Broke Ireland."

Report abuse

canadianirish | Feb 19, 2012, 08:59 PM EST

Warren Buffet wouldn't agree with the ACC. He has stated that the business model of the EU is prone to failure. I hope the Irish don't make any rash decisions.

Report abuse

gobdawpaddy | Feb 19, 2012, 07:54 PM EST

jamthecat, have you been drinking? Gordon Brown is well off the scene in London.

Report abuse

Searlit | Feb 19, 2012, 05:06 PM EST

Please don't do it Enda Kenny,Keep the spirit of Ireland alive. Save it from the soulless multinational corporations.

Report abuse

Murph46 | Feb 19, 2012, 11:50 AM EST

Jam,I agree but what other solution will work?

Report abuse

haasny007 | Feb 19, 2012, 10:30 AM EST

Of course, if Ireland was outside the EU it would be of no value to multinational corporations.

Report abuse

jamthecat | Feb 19, 2012, 10:28 AM EST

Yeah, that's done so well so far. Until the financial collapse, Ireland was a model of fiscal responsibility, as was Spain. But then the politicians made the taxpayers responsible for the losses of the banks and guaranteed EU banksters would go unpunished for their criminal actions, thus helping to destroy the Irish economy and push the nation into massive deficit spending. Then these EU leaders demanded ever deeper and more vicious cuts in fiscal spending just when massive expansion was needed to keep unemployment under control and give the economy a boost. Their wrong-headed policies have been shown no to work, over and over, in country after country, yet they demand those policies be followed even more stringently than before. It's not just stupid, it's diseased. And now this clown also says that's exactly what has to keep on happening. It used to be that this kind of behavior -- doing the same thing over and over, expecting a different outcome each time -- was considered proof of insanity. Well..I now believe it's one of the truest axioms ever coined. And if you want proof this reliance on cuts in spending in a time of deep recession does not work, look at how Gordon Brown is strangling what life is left out of the British economy with his slashing of governmental spending, even at a time when England could borrow funds at ridiculously low rates. That is just plain evil.

Report abuse