Enda Kenny (Mayo, Fine Gael)

I am pleased to have this opportunity to inform the House that the Irish people will be asked for their authorisation, in a referendum, to ratify the European stability treaty, the so-called fiscal compact treaty. I strongly believe it is very much in Ireland's national interest that this treaty be approved, as doing so will build on the steady progress the country has made in the past 12 months. That progress has seen international and investor confidence in Ireland rising, leading to many new investments in our country, investments that are creating new jobs for our people. I want that flow of investment to continue and expand.

Ratification of this treaty will be another important step in the rebuilding of Ireland's economy and our international reputation. It will give the Irish people the opportunity to reaffirm Ireland's commitment to membership of the euro, which remains a fundamental pillar of our economic and jobs strategy. More binding and enforceable fiscal rules as a result of ratification will be good for Ireland and the wider eurozone, and will cement growing international confidence in Ireland's recovery.

Long before any discussions of a new set of housekeeping rules for the eurozone, the new Government had committed itself to legislate for equally challenging domestic deficit and debt rules. In this referendum, the Irish people can confirm our commitment to responsible budgeting and, in doing so, ensure that the reckless economic mismanagement that drove our country to the brink of bankruptcy will not be repeated by any future Government.

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