Brendan Howlin (Wexford, Labour) | Oireachtas source

I am particularly pleased to reply to the debate. Last week's decision by the Government was an historic one and marked the end not just of a programme but of a most difficult period for the people. Three years ago our sovereignty was ceded by a Government that had squandered the most prosperous period in our history. We had reached the point at which nobody would lend to the country because nobody believed in the competence and word of the Government. Having spent 35 years of EU membership, on all sides of the House, building and developing our reputation in Europe and elsewhere, to lose it in a couple of years marks the biggest setback in our history as an independent state. Arguably, the situation could have been worse. As the Government of the day imploded and yet hung on to power during 2010, it was the duty of the public service to keep things afloat until a new Government was elected by the people. That the public service succeeded in doing this is evidence of its commitment and resolve.

Today, regaining our national credibility in so short a time is a testament to the will and endurance of the people. Again, as I have said before, when we look back at this period from more optimistic times, we will be able to see more clearly the scale of our collective success in exiting the programme on schedule. That is not to say for an instant that there are no difficult days and decisions ahead. There are, but the existential threat to the very viability of the State that culminated in our entering the troika programme is well and truly behind us.

There was nothing hasty or rushed about the decision taken by the Government last week. It followed extensive consultations, led by the Minister for Finance, Deputy Michael Noonan, in recent months with all relevant parties. It followed consideration of feedback across the Government and the responsible State agencies. The decision has been welcomed by all our European partners. I, for one, can say it is the decision to which we should have aspired. The Government was elected on one overarching promise - to reclaim our national sovereignty in as speedy a fashion as possible.

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