Brian Hayes (Dublin South West, Fine Gael)

It is important that we have a cold, calm, rational debate on the issue because the euro is our currency.

I voted in favour of the Maastricht treaty which my colleagues opposite argued against. The same position was adopted by the British Conservative Party at the time. Sinn Féin was against the euro at the time, but some years later it was in favour of it. Now it presents itself as a party which has developed a master position on how it can be advanced. The only way that can happen is if we agree rules, stick to them and over a period develop the stability the eurozone needs.

At the tail end of last year we were looking for all parts of the jigsaw to come together. We were looking for an ESM that would be the firewall to do the things we needed to do in this economy and elsewhere. We have it in place now. It seems to be logical and right that if one wants to draw down the funds attached to it, conditions be attached. The logical condition is that we meet our budgetary and fiscal parameters. We must do this by 2015, regardless of whether a system is in place. The economy has gone through an adjustment, to a figure of €25 billion between 2008 and 2011. That sum has been taken out of the economy in the past three years and between 2013 and 2015 a further €8.5 billion will be taken out. That is necessary in terms of balancing the difference between what we taken in and what we spend. Irrespective of the banking debt, the fundamental reality facing Sinn Féin, the United Left Alliance, Deputy Ross and everyone else is that there is a gaping hole of €15 billion in the public finances. If we cannot borrow, as we cannot at present, we require the support of the European authorities and the IMF to get us over this period in order that we can get back to the markets.

Do colleagues honestly believe we will have a greater chance of getting back to the markets if this treaty is rejected? Irrespective of our very important national anthem, the market view on whether this country has the capacity to fix its deficit and to get back over a period of years to a more manageable financial position is important. It is delusional to think this country would be in a better position by saying to the markets, and to the world community and Europe, that we will be part of the euro but we are not accepting the conditions around that. Those who look at this issue honestly, rationally and calmly would come to the conclusion that it is delusional to think such. I put to the House, particularly to Members opposite, that it is utterly delusional to suggest we can get out of this enormous hole by not agreeing rules which are essentially a part of the currency we want to build.

The euro is important. It is a hard currency. A small, open trading economy like Ireland, which exports more than it imports and which is based on its international reputation, needs to export with a hard currency, and the euro gives us the capacity to do so. However, we cannot be part of that eurozone or currency club unless we accept and embrace the rules. Enormous mistakes were made in the Stability and Growth Pact which affected the large and small countries but, as the Minister for Finance stated, we must retrofit it. We must ensure those mistakes are not repeated and we get a period of stability.

Since the ESM has been in place, the EU leaders agreed in very quick time in January last about this treaty, and the Greek situation has been given some relief, at least for the medium term, the markets have calmed and the eurozone has faced an unprecedented three months of stability. We are taking baby steps here. We are coming through the most enormous financial crisis the world has seen since the 1930s, and to get another three months of stability, it is important that we make this decision.

Sovereignty lies with the Irish people, not this Parliament. The people will decide whether they accept this treaty. The Government has stated it is a matter for the people, in one referendum, to decide this issue.

The train will leave the station with or without us. I would argue that the treaty is already in place. One looks at the decision in Spain, only a week and a half ago, in terms of its rules. It is quite clear that the treaty is already in place. We must decide whether we are part of that train and whether we want to get the country to a better place.

I contend, and will so contend in every part of this country over the course of the next few months or however long this campaign takes place, that it is in the national interest that we remain part of the euro, that we accept the rules of the euro, and that we do it in a way in which we have the support. We have obtained the support of the European authorities, and while that is sometimes an unpopular statement to make, this country would be in a ten times worse position without that support in recent years.

We continue to get a better deal, as the Minister for Finance stated to the House last night. We continue to renegotiate. The fundamental mandate given to this Government is to renegotiate that deal, but we do that on the basis of being part of something. We do it on the basis of agreed rules. We do not do it on the basis of pretending to the people and to the world community that we can take unilateral action and, suddenly, this county will be in a better place. It is delusional and a fundamental lie.

I put it to the Sinn Féin Members that the only reason they are taking up their "No" position is because they see this treaty as another political opportunity, another part of their grab for power and another part of their agenda, which has nothing to do with the interests of this country and everything to do with Sinn Féin and its little political project. I believe the people will reject that and that they will support the considered view of the Government on this issue when it is put. The sooner that debate happens, the better.

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