Brendan Howlin (Wexford, Labour)

I welcome the many contributions that have been made by Deputies to today's debate. The number of interventions, and their quality, is a testament to the importance that Members of the House rightly attach to this new treaty on stability, co-ordination and governance in the Economic and Monetary Union.

The Houses of the Oireachtas have been engaged in a lengthy and detailed debate on the merits of this treaty for some months now and particularly since the beginning of December 2011, when it was first mooted. The Taoiseach, the Tánaiste and the Minister of State for European affairs have been very active in engaging with the realities of the treaty in this House, in the Seanad and at the Joint Committee on European Affairs. The Government welcomes the initiative taken by the committee to begin a process of public debate about the treaty. To this end, it has already invited submissions from members of the public, as well as organisations, on the treaty and its detailed implications for every citizen. This was a prescient and timely initiative on the part of the joint committee. Clearly, the level of engagement with this treaty, on all our parts, will now have to be stepped up. All Members of this House have an obligation make themselves conversant with the detailed implications of the treaty and to engage with the electorate.

In deciding yesterday to call a referendum on the new treaty, the Government has taken the first step in opening a genuine national debate directly with the people on its merits and implications for Ireland now and in the future. An informed, calm and respectful debate on the new treaty is what is needed. We need to engage vigorously with the public. I hope and believe that those efforts will be led by Members of the Oireachtas.

Nobody has argued for a moment that this treaty will be the answer to all the ills that have afflicted the eurozone; on its own, it will not be. The treaty is one important piece of the picture, but a critical one nonetheless. Restoring stability and confidence in the 17-member euro area and in our shared currency, has been a central focus of our efforts, nationally and at European level. This treaty will contribute to that end.

Europe has broken new ground, however, in responding to the economic and financial crisis by putting in place support funds, initially in the case of Greece on an ad hoc basis. That support was then institutionalised through the establishment of the European Financial Stability Facility, the EFSF - from which Ireland is currently drawing funds - and its proposed permanent successor, the European Stability Mechanism or ESM. Late last year, Europe also adopted a comprehensive package of six legislative measures designed to strengthen economic governance throughout Europe. These are now being supplemented by a further two measures, designed further to strengthen surveillance within the eurozone.

As a package, these measures represent an important development in our ability, within a common currency area, to genuinely hold each other to account. That is all it is. It is about implementing the arrangements that we all signed up to when the currency was first founded, so that we will live up to our word on these matters.

This crisis has brought into stark relief the fact that member states, sharing a common currency, are inextricably linked. We have seen the negative impacts that spill-over effects from what is happening in one member state can have on all the others. It is no longer enough to be doing the right thing. We must reassure ourselves and the financial markets that we in the eurozone are looking out for the currency union as a whole. Every member of the currency union must play a full part.

This new treaty will ensure that all contracting parties, whether big or small, from north or south, meet their obligations. This is very good for the euro area but it is also critically important for Ireland. We have nothing at all to fear from this treaty. Ireland is meeting its EU-IMF programme commitments on time and in full. The Government is determined that will remain the case. This is not an easy course but it is an essential one, and is already showing dividends. In 12 short months, sentiment towards Ireland has been turned around through the actions of this Government and the forbearance of the Irish people to difficult policies in difficult times.

Such a positive sentiment is not just desirable, it has concrete impacts on the real economy here and on the lives of every citizen. Sentiment matters in restoring investor confidence, which reduces the cost of our borrowing, and in attracting inward investment, which delivers growth and jobs throughout the country. It is clear, therefore, that these views of Ireland matter a lot.

An endorsement directly by the Irish people in the forthcoming referendum would be a powerful and eloquent statement from Ireland that we are serious about playing our full part in restoring confidence and stability to our common currency. Such a statement would be in the national interest of Ireland and all its citizens, as well as bring in the common interest of the euro area.

The Government looks forward to the national debate that lies ahead, in which we will play a full part. We will be fully engaged in it and hopefully the people will support the treaty when asked to do so.

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