Robert Dowds (Dublin Mid West, Labour)

As much misinformation has been spun by Sinn Féin and certain members of the Technical Group on what this treaty actually will do, it is important to set the record straight. Put simply, the fiscal stability treaty is part, and only part, of what must be done to stabilise and sort out the euro and is not a panacea for everything. One must remember the euro is our own currency, the stability of which is at stake, and the fiscal stability treaty will help to sort it out. As the euro is our currency, we are looking after ourselves in dealing with this issue. Not only does Ireland's recovery depend on the stability of the euro due to the European Union being our biggest export market, but also Europe's recovery depends on it. This is crucial to Ireland and Members may recall the Tánaiste and Minister for Foreign Affairs and Trade alluding a number of times to the fact that one problem faced by Ireland in regenerating growth is uncertainty about the euro in general. Consequently, it is a matter of the utmost importance that the euro be stabilised, and Ireland has a critical part to play in this effort by passing this referendum. By securing the euro, Ireland will be helping to create a solid export base for itself, and as the only English-speaking country in the eurozone, this should yield significant trade dividends for it. For example, one might ask why the Chinese Vice President only visited Ireland during his trip to this part of the world. The trading bloc of which Ireland is a part must be stabilised and secured, and to do this, this referendum must be passed.

How will this treaty help people in Ireland? There are several answers to this question. First, it beefs up considerably economic and monetary union, thereby ensuring good, sound management of public finances. Second, the treaty is part of the six-pack of measures that will identify bubbles and unbalanced economies long before they implode, as did Ireland's own economy. Had these measures been in place at the inception of the euro and had there been legislative oversight of Ireland's public finances, there is no way the Fianna Fáil Party would have been allowed to run the country like a casino. As for what this treaty will do for Ireland, it will stabilise its currency and export base, help to create jobs and ensure sound and prudent management of the public finances. Moreover, as part of the six-pack of measures, it will prevent the recurrence of Fianna Fáil-style wild west public policy and help identify bubbles and nip them in the bud to create a more stable, secure economy on which one can build a more equal and caring society. There are those who argue that it restricts Ireland's ability to take out loans and to run large Exchequer deficits. Lest anyone in Sinn Féin or the Technical Group has not been paying attention over the past year and a half, I emphasise that Ireland has arrived at a point at which it cannot secure affordable loans on the open market. Consequently, to state these measures will restrict Ireland is to ignore completely the fact that in the absence of such measures, Ireland is more restricted than it has ever been in respect of getting loans to finance investment.

The fiscal compact is needed to hold together the euro. One must recognise that with monetary policy centralised, some measure of co-ordination on fiscal policy with our partners in the euro is required. One also must remember that while Ireland's current bailout is unaffected by this referendum, it specifically excludes access to further funding under the European Stability Mechanism, which is linked with ratification. Given the current circumstances of the country, one would be mad not to provide oneself with this insurance, and therefore a "Yes" vote is essential.

As I stated at the outset, this is only part of rather than being the entire solution. I believe strongly that in the long term, the ECB must perceive itself not simply as being responsible for controlling inflation but must take on a new role as an engine of growth and job creation. I commend both the Taoiseach and the Tánaiste on driving forward this agenda at a European level. This is a conscious collective decision the entire European Union must take and I am hopeful this will happen when more progressive parties take power in France and Germany. Europe is at a turning point at which we either beef up the euro or retreat into our own currencies. In the world in which we live, we would be crazy to choose the latter because while the member states are such small entities in themselves, together we stand as a highly significant entity. For these reasons, I strongly advocate that we vote "Yes" in this referendum.

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