Enda Kenny (Mayo, Fine Gael)

Putting in place this credible commitment to responsible budgeting will be key to keeping interest rates low and unlocking credit availability for investment and job creation. Lower interest rates also mean more resources for the provision of essential public services. The creation of stronger budgetary rules is an essential element of the steps that are needed to ensure stability, confidence and growth here in Ireland and in the eurozone.

Throughout the process leading to this new treaty, the Government has consistently said that the final text would be referred to the Attorney General for her advice as to whether a referendum was required to ratify it in Ireland. At this morning's Cabinet meeting, the Attorney General conveyed her formal advice that, as this treaty is a unique instrument, outside the European Union treaty architecture, on balance, a referendum is required to ratify it.

On foot of this advice, the Government has decided to hold a referendum on this issue in which the people of Ireland will be asked to give their authorisation for the ratification of this treaty. On Friday, along with other heads of government, I intend to sign this treaty in Brussels. In the coming weeks, the Government will finalise the arrangements and process leading to this referendum, including the establishment of a referendum commission to ensure adequate and full public information, a referendum Bill which will be debated in the Oireachtas and draft legislation to provide for the implementation of the treaty's provisions will be published.

I am very confident that when the importance and merits of this treaty are communicated to the Irish people, they will endorse it emphatically by voting Yes to continued economic stability and recovery. I look forward to that debate, one which I believe will produce a result that will be seen in the future as an historic milestone in Ireland's economic comeback and keep Ireland central to the European process.

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