A new campaign has been launched to demand a referendum on the proposed EU fiscal compact treaty.

The "Campaign Against Austerity Treaty" brings together a number of parties and groups, including Sinn Féin, the United Left Alliance, the Workers' Party, and Éirígí.

The group said that a referendum must be held to give the people their say, whether or not it was legally required.

Socialist Party MEP Paul Murphy said the treaty would allow unelected bodies like the European Commission and the ECB to control our economic affairs.

He said if a referendum is held there would be an "horrendous campaign of fear and intimidation against ordinary people" to scare them into voting yes, but the people now know what the austerity imposed by the EU and IMF is like.

Sinn Féin's Eoin Ó Broin said the compact was bad politics and bad economics, and would not solve the crisis.

Padraig Mannion of the Workers' Party said campaigning through the political process could make it politically impossible for the Government not to hold a referendum.