Joan Burton (Dublin West, Labour)

The financial crisis that began in the United States in 2007 stemmed from US banks selling products to European banks. It crashed against our shores with a vengeance, culminating in the intervention of the IMF last year, and has now truly moved from the periphery to the centre of the eurozone. The very existence of the euro has been questioned by governments and markets. One factor people must take into account is that there are those, on both the extreme right and the extreme left, who have never been in favour of the development of the euro and might even be pleased if the euro were to go down. In this way, Ireland's problems are now the shared problems of all eurozone and EU member states. We are living in historic times and while we all watch with anxiety and react to the latest dramatic developments in the eurozone debt crisis, we also need to stand back and think about the broader macro trends and historical forces that are behind the multiple crises of the past four years. When we do this, we see that the unifying factor is change: change in the balance of power in the world economy from west to east, in the relationship between markets and states, and in the speed at which events unfold.

The question for politicians and citizens in all European countries is how to preserve the European way of life, our cradle to grave welfare state and the inherent decency and democracy of our nations and our Union in the face of such world historical changes. Truly the onus is on all politicians and citizens in Europe to accept that to preserve and protect our way of life, everything will have to change, and now is the time to start changing for the better.

Europe needs an entirely new approach to economic development, innovation, competitiveness and how the welfare state is funded and delivered to citizens. We must radically change the relationship between states and markets. If the events of recent years have taught us anything it is that markets have become too powerful relative to states. Markets are supranational, while regulation remains national. A 28 year old with an MBA from Stanford or Harvard is on the markets every half hour. A second or two minutes is a lot of time to devote to Ireland. That is the way the markets are working now and we must take that into account. Governments and political parties react by having daily and weekly meetings. European institutions react by having weekly, fortnightly, monthly and quarterly meetings. The markets and the way government and politics are managed are on two different timeframes. Politics has not caught up. We must go further and fundamentally change the nature of finance so that it ceases to be "socially useless", as the chairman of the Financial Services Authority, FSA, in the United Kingdom, Adair Turner, said last year and becomes instead a catalyst for the development of the real economy, technology, small business, infrastructure and employment. That will also require greater funding for public investment at EU level. We must radically change the nature and timing of political decision-making. Time and again the current crisis has exposed the variable speed of democracy and markets. Even if we succeed in restraining the velocity of market activity, we will need a fundamentally more efficient and certain method of political action.

I agree with the views expressed by Professor Seán Ó Riain from NUI Maynooth in today's edition of The Irish Times that the stability treaty will help stabilise the euro in one's pocket and help stabilise the banking, bond and stock markets. I agree even more strongly when he says true recovery "will require European governments and institutions to rediscover their historical taste for constructive politics and building European solidarity". Voting "Yes" in the referendum is an important milestone on that path.

In response to the speakers from the Sinn Féin Party, when I was in the United States recently I noticed the efforts that were made there - absolutely legitimately - by people from both parties in government in the North, including Sinn Féin, to promote Northern Ireland as a location for investment. In promoting this country we must consider the advantages of being in the eurozone in terms of attracting important mobile foreign investment that is one of the critical engines for the growth of the economy both North and South. For that reason alone, voters must give every consideration to voting "Yes" in their wisdom to this treaty.

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