There are many reasons being floated as to why the Irish rejected the EU’s revamped constitution among them ignorance of its content and meaning. But that is to insult one of the most intelligent and widely read societies in Europe. Perhaps EU leaders would do better asking themselves: What do wealth, growth, productivity mean in our present system? They should do so before yet more citizens start examining more closely what is wrong with the way the EU is being run for there are worrying economic issues that are not being properly addressed.

The euro currency gets stronger every day and is fast losing credibility among citizens, which partly explains why EU leaders have bent over backwards to avoid more referenda on the Lisbon Treaty as the constitution has been relabelled. In Germany in particular, where on Friday the Bundesrat approved the Lisbon Treaty, there is a strong sentiment against the currency. Two thirds of Germans polled recently want the Deutsche Mark back citing declining living standards due to high inflation. It appears that the country which like no other has been the motor for European integration is more sceptical than ever about the course the EU is taking.

The investment rate of non-financial corporations is slightly up – due to a shift in production. On the other hand the profit share of non-financial corporations is down – due to collapsing domestic demand. First the good news – as usual: The EU’s business investment rate is continuing to point upwards. At the same time, Deutsche Bank AG’s investment division DWS proclaims that the financial crisis is over.

Household Savings rate slightly up – due to Privatisation of Pension schemes as shown by the latest figures released by Eurostat and the European Central Bank (ECB). These look at first glance as though a slightly increased savings rate has automatically bolstered the economy but a closer scrutiny reveals that it is not so.