Dominic Hannigan (Meath East, Labour)

I welcome the opportunity to contribute to the debate on this important legislation. I wish to refer to the work carried out by the Joint Committee on European Affairs and the recently established Sub-Committee on the Referendum on the Intergovernmental Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, both of which I chair. During the past two months, the latter has heard from a range of speakers who support and oppose the treaty. We have heard from various civil groups, such as the Irish National Organisation for the Unemployed, the Irish Farmers Association and the National Youth Council of Ireland, think tanks such as TASC, trade unions such as UNITE, and business groups such as IBEC, the Small Firms Association and Chambers Ireland. Representatives from these various organisations have all addressed the sub-committee and outlined their views on what the treaty means for Ireland. We have also heard the views of Irish political representatives. Yesterday, for example, we were addressed by the leaders of Fianna Fáil, the United Left Alliance, ULA, and the Labour Party. In addition, we have been addressed by Ireland's MEPs. Furthermore, a range of economists, lawyers and academics from this country and several ambassadors from across Europe outlined to us what they believe the treaty will mean for the people of both Ireland and Europe.

The sub-committee has engaged in a diverse and productive series of debates and it will continue with these until the end of next week, when the Taoiseach is due to address it. The sub-committee will publish a report on its proceedings by mid-July and the aim is that this will provide a summary of the various arguments and positions outlined to it. It is not the intention for the sub-committee's report to influence people into voting either "Yes" or "No". In that context, we will not be making a recommendation. We will, however, be providing an unbiased, informative and easy-to-read summary of the evidence and main arguments presented to us.

During the debate on this matter, the same arguments have arisen time and again. I am of the view that the stability treaty does exactly what it says on the tin. Through improved fiscal responsibility and oversight we can ensure that there will be economic stability. We must be honest with the people: this treaty will not really introduce any new conditions. It will, however, ensure that the previously agreed six-pack will be put in place. One of the consequences of this is that larger European states will be prevented from having one set of rules for themselves and another set for the rest of us. More importantly, however, if the Irish people vote for the treaty, it will improve international investor confidence in this country, make a repeat of the current crisis less likely, assist in the process of European economic recovery and stability and give us access to the ESM should we need it.

Some individuals have stated that if we reject the treaty and if Article 136 of Treaty on the Functioning of the European Union, TFEU, is thereby not amended, we can hold Europe to ransom and state that if we do not gain access to the ESM, then neither will the other member states involved. The sub-committee has heard from various sources that this will not prove to be the case and that Europe does not need Ireland in order to amend Article 136 and allow the ESM to take effect.

Informing people that there is no potential disbenefit in the context of voting against the treaty is both wrong and extremely dangerous. We do not want to be in a position whereby we cannot access the ESM if we need to do so. It is not the case that we will not lose out by rejecting the treaty. There are definite dangers in the context of rejecting it. Conversely, there are many benefits to be had by putting the treaty in place. I am of the view that voting "Yes" makes all the sense in the world. I cannot see any benefit from voting "No". I will be leading my team in the constituency of Meath East in the context of trying to convince the people there to vote "Yes" in the referendum on the treaty. I have no doubt that it is going to be a tough campaign. However, once they have all the facts before them, the people will see that the treaty will help to create a stable environment, engender confidence in our economy and assist in attracting more jobs to our country.

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