Wednesday, June 11, 2008

Ireland Votes

if you are looking for another rationale for the currency markets to move your preferred direction I offer you this:

in one of the more underreported events in recent memory, the Citizens of Ireland vote whether to ratify the Treaty of Lisbon, which is basically a repackaged version of the European Constitution that was rejected by French voters three years ago. as with the last one, this treaty must be ratified by each and every EU State. this time around Ireland happens to be the only EU member putting this thing to popular vote, so if they vote it down the whole thing's done. recent polls indicate opinion is evenly divided. whereas a few weeks ago the 'yes' contingent was thought to have a commanding lead. interesting bit I lifted from wikipedia:

The European Central Bank becomes an official institution. The Treaty of Lisbon will declare the euro to be the official currency of the Union, although in practice not affecting the current Eurozone enlargement process or national opt-outs of the monetary union.

gosh...I didn't realize the ECB wasn't an 'official' institution already.