Martin Ferris (Kerry North-West Limerick, Sinn Fein)

In the debate on my party's Private Members' motion last month it was claimed by several speakers from the three parties which support the treaty that it is necessary in order to introduce stability to the financial markets and to stabilise the eurozone. It might well have that result, although there is nothing currently to suggest it will, but it would be on the basis on a new dispensation inimical to the interests of the majority of the citizens of this State and of all other EU States and members of the eurozone.

The people of this State are being asked in this referendum to make a choice between two negative outcomes. On the one hand, they are being asked to agree to a further surrender of whatever limited sovereignty remains while, on the other, they are being threatened that if they do not this State will face financial ruin. It could be argued that we have already embarked on the latter course. While the banks and the bondholders have been bailed out, we have already witnessed the consequences that is having for huge numbers of people and for society itself. People, whether in employment or dependent on social welfare, have seen their personal incomes drastically eroded. The existing economic downturn has been also greatly exacerbated by the politics of austerity. The previous Deputy referred to emigration and said that 45,000 people left the country last year. I know from my experience, and I am sure every rural Deputy and some urban Deputies could state quite categorically, that the level of emigration from Ireland at this point in time is accelerating with young people leaving on a daily basis.

There are far more people unemployed now than there were when the current disastrous course was embarked upon by the previous Government, only to be continued, despite their earnest pledges, by Fine Gael and the Labour Party in the lead up to the general election. Unemployment in this State averaged under 5% on an annual basis between 2000 and 2008. We all know what took place at the end of 2008 when the disastrous decision was taken in regard to Anglo Irish Bank. Unemployment rocketed after that and now stands at 14% and it is far higher than that in many constituencies. In my constituency it is more than 26%. That can be compared to the EU average of less than 10% and that figure is skewed by the high rates in this State and those others at the hard end of EU broken austerity programmes imposed upon their citizens.

We are all aware that there was an economic downturn but what is beyond doubt is that what was a European and a global downturn that impacted here has been made far worse by the current policies pursued by the Government. Recession led to an increase in debt and unemployment levels but these would not be on the current scale had it not been decided to incorporate into the sovereign debt the debts of the failed banks. History also proves that one does not build economic recovery through the sort of austerity programme being imposed on this State and elsewhere throughout the EU due in large part to elected governments, going against their electoral promises, agreeing to implement measures dictated by third parties. If we pass this referendum and sign up to a further surrender of sovereignty, even a new Government that is opposed to the measures will find it difficult to reverse them or to pursue a different course. That is why it is vital we reject it and ensure we retain whatever financial and economic sovereignty remains so a future Government with more back bone would have the basis to reclaim what has been given away.

As I said in my speech on the Private Members' motion in March, it is noticeable that this time we are at least being spared the promises made during the Lisbon treaty referenda, particularly during the first campaign before the electorate had the audacity to reject the proposal. During the first campaign we were promised jobs and never-ending prosperity. When that failed to convince people, threats of dire consequences were used. It could be said that it worked. Given the threats being made, one wonders what further terrible nightmares will be conjured up if the people vote "No" this time.

We have had some hint when supporters claim a "No" vote will mean this State will not be able to access any more money. Of course, people are being told there will be no more money to fund vital services while those making the threats neglect to mention that the massive, unpayable debt we are saddled with now was incurred mainly as part of the banking bail-out. The only time it is referred to is when the State hands over massive sums to pay off Anglo Irish Bank's debts and that if we did not do so, we would be punished. They are possibly correct but that begs the question of whether we ought to be in a situation where external forces exercise such control over the State and can blackmail us into paying off the bank's debts, or at least as much of it as we can before the whole thing becomes untenable, as it surely will if the current course is maintained. If we agree to the proposal in the referendum, and we ratify the treaty, that will further increase the powers of those external forces and their ability to dictate to the detriment of the majority of citizens and financial policy of the Irish Government. That will mean, in the context of the current debt, incorporating the private bank debt, an unending vista of austerity dictated and imposed under duress.

We have already seen the impact of the slashing of public services and the erosion of incomes on the economy. There are still, however, those who fail to understand that it is having a negative multiplier effect on the economy. Even relatively healthy sectors and individual enterprises are being negatively impacted and, in many cases, destroyed by the economic austerity policy.

It is clear the rejection of the latest proposals to surrender further sovereignty would constitute a significant step in turning around things. At the very least, it will mean if a more imaginative and pro-active Government succeeds the present Government, it will not be hamstrung by external forces having a veto on domestic policy. We have been told consistently that if we do not do that we are heading nowhere. We know, as was pointed out already, that emigration has significantly increased. The Minister has tried to play down that but it is a fact that tens of thousands of young people are leaving the country each year, with as many as 65,000 this year, to never return. When young people left in the 1990s and in the early 2000s, most would come back but now the brains and the youth of the country are being forced out by austerity and successive Government programmes that are detrimental to the common good of the Irish people.

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