Tony McLoughlin (Sligo-North Leitrim, Fine Gael)

Since entering office in March 2011, the Taoiseach has set about his central goal of restoring confidence in Ireland. In my view he has succeeded, and alongside various Ministers, including the Tánaiste, Ireland has renewed optimism despite the fact that we are still under the troika programme. Just today, Chambers Ireland stated at the Oireachtas sub-committee on the referendum that a "Yes" vote in the EU fiscal treaty referendum is vital if we are to restore Ireland's confidence. It is Chambers Ireland's belief that a "Yes" vote is vital if we wish to enhance confidence levels, support employment, attract investment and guarantee future access, if we need it, to the European Stability Mechanism. It is, in other words, the insurance policy Ireland needs as we move onwards and upwards.

Ireland is in a financial crisis for many reasons but many economists would say the primary reason was the lack of regulation. Who do we blame? I suggest the Government of the day, which ignored the various limitations under the euro, as many other countries did. We can also blame the ECB, which also failed to do its job. The Fianna Fáil-PD Government between 2001 and 2008 increased public expenditure without recourse to a tax-base that was sustainable but instead was based on bricks and mortar. Today we see the introduction of the household charge, soon to be a property tax, and water metering, all measures that should have been introduced when the economy was better placed to take on a wider tax base. If Ireland had been living under the fiscal treaty at that time, such excessive spending would not have happened. We must ensure such cavalier governance of the country is never allowed again.

A vital issue Irish people must understand is that the treaty stipulates only countries that sign up will be able to access the ESM. Access to the ESM is a vital safety net for Ireland when we have completed our funding programme. If we are out of the loop, where will we go for future funding in an emergency? This treaty will not involve any additional austerity over the coming years. It will ensure the Government spends wisely and secures our economic future by ensuring an end to boom to bust economics that we have seen in the last 25 years.

Economic fears regarding non-ratification of the fiscal treaty derive from the condition that provides that from March 2013, access by any eurozone state to the €0.7 trillion European Stability Mechanism will be conditional on the country having ratified the fiscal treaty. Ireland's failure to ratify the treaty would thus come at a price. It is our insurance policy against default. Ireland's ambition is to return to the market post-2013 and the decision by Ireland to adopt the fiscal treaty will clearly show our potential lenders our determination to ensure the economy stays within certain economic parameters.

The current levels of inward investment by foreign multinational companies is of great importance to Ireland and are part of our economic plans for recovery. The signal we will send to investors if we reject the treaty is worrying. We must secure foundations and firewall protection around the economy and the international economy will be watching.

I will urge my constituents to vote "Yes" to secure our future within the euro and the European Union.

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