Forget the bravado about Ireland’s EU presidency – which begins on Wednesday – showcasing our position at the heart of European power. The reality is that for the next six months Ireland’s Civil Service will be run ragged trying to pull off the meetings, the ministerial photo-ops, the summit dinners and, of course, some tangible political process.

But amid all the All-Ireland style razzmatazz one thing is for certain: this EU presidency couldn’t come at a worse time for Ireland’s economic future.

That’s because just as the momentum builds for the latest EU integration drive, the presidency forces Ireland to the sidelines. So while Dublin plays referee, the other member states are gearing up for battles that will shape the future of Europe’s integration process. 

In key areas – centralising capital market supervision, adding more EU-level taxes (own resources) and expanding the next EU budget – various coalitions of member states are determined to push ahead with changes they see as essential to Europe’s future.