Paschal Donohoe (Dublin Central, Fine Gael)

I thank Deputies Hannigan and Spring for allowing me to contribute to this debate. I would like to focus on two matters, the first of which relates to what this fiscal compact is for. I hope the fiscal compact will be in place in the future to make sure the mistakes of the past are not repeated. It will help to get Ireland to a place where it is able to borrow on the financial markets with the support of the European Union as a backstop. It is very straightforward. It will bring more credibility to the efforts of a small, highly open and, unfortunately, highly indebted economy to borrow what it needs in the future.

Opponents of the fiscal compact will have their opportunity to outline their case but they need to answer the simple question. Ireland outside the fiscal compact will probably be unable to borrow from financial markets at a rate it can afford and we will not have access to any future bailout mechanism. How will Ireland be able to source money to deliver the borrowings to fund our schools, hospitals and to help fund our social welfare payments? Anyone advocating a "No" vote needs to answer the question of where will the money come from. Already I hear people who advocate the course of action that Ireland should vote "No" and take the consequences; that we should leave the consequences up to the Commissions to determine. This might be a good move in a game of poker or in a game of cards but one does not gamble with the welfare of a nation, with the health, well-being and the economic security of an entire State. This is not making a decision on behalf of people, rather it is a reckless gamble which no country should be exposed to, least of all one which has already gone through this convulsion of an economic depression over the past number of years.

We are going to have to make efforts to bring down our levels of debt and our deficit levels, to encourage confidence in our economy so that it can stabilise and grow again in the future. We will have to take those steps and it will be easier to do within the architecture of this treaty rather than from the outside.

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