Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

Why are the Italian Government, the Belgian Government, the German Government and all the governments the Deputy has listed, committed to implementing this treaty? They see the debt dynamics to which the Deputy refers, and they understand what could be the implications of having to put in place excessive deficit reduction, but they are committed to implementing this treaty. Why are they? Because, when one brings forward a treaty or a law in front of the House it can only make reference to other laws and other treaties as they stand at this point in time. That is the reason.

I understand why the Deputy is concerned. He is pointing to risks within the eurozone and he is pointing to his own political views around the need to reduce debt and deficits, but as concerned as the Deputy is, there is also a relevant question to the points the Deputy put to me. If the Deputy is so focused on the debt situation of the majority of countries within the EU that could be impacted by this treaty, why have all those governments signed up to implement this treaty? They signed up because they are aware, as am I, that if and when change were to happen in economic governance, it would impact on the operation of this treaty. Why is the Italian Government committed to implementing this treaty? Why has the Belgian Government, and all of the governments listed by the Deputy, committed to doing this? The reason is exactly as I have just said to the committee. We are looking at an extraordinarily unique situation this year in deficits, maybe less so in debt, for the reason the Deputy has said, which is that it will come down at a far slower pace for a while - if at all. Despite all of that, all of the European Union is committed to doing this. The reason is as I have said to the Deputy on a number of occasions now.

The Deputy is judging all of this by the implementation of deficit reduction paths that are predicated on the exact reapplication of previous deficit reduction strategies. That is what the Deputy is basing his analysis on. The fact that every member of the European Union is committed to implementing this treaty would indicate that those countries that could be affected by the scenario as the Deputy has outlined do not accept the Deputy's analysis.