Seán Kenny (Dublin North East, Labour)

The treaty is about ensuring long-term stability and economic recovery, which will lead to growth and employment. The treaty is also about ensuring confidence abroad and maintaining and enhancing the influence that the Government has built up with investors, job-creators and those in Europe and the world. I take this opportunity to welcome the announcement yesterday of an additional 280 jobs in the pharmaceutical industry in Baldoyle in my constituency, Dublin North-East.

The announcements of job-creating investments in recent months have come about thanks to the renewed political and economic stability and, above all, thanks to the determination of the people, despite very painful sacrifices, to restore Ireland's economic health. The past few years have not been easy for people but I believe Ireland has had no choice but to make certain decisions. Ireland must manage its debt such that over time, taxpayers' money goes not into servicing debts but increasingly into public services and targeted growth initiatives to create jobs. The treaty is also about ensuring Ireland has access to the funding that allows these public services to function and to ensure Government spending is maintained. The Government is determined to return to the financial markets next year to raise money by itself again.

I do not agree with the arguments put forward against the treaty. The proponents of such arguments have put forward no credible alternative. Thanks to the Crotty judgment, Ireland is fortunate to be in a position that the people can vote on this treaty. However, if we vote "No", as some advocate, Ireland will be left behind while the rest of Europe will proceed to work within the stability treaty. Ireland would be deemed incapable of making decisions within the wider European interest and it would suffer the consequences. Ireland would be left with no sovereignty and would depend exclusively on an IMF deal to keep the State afloat.

Have those advocating a "No" vote considered the view countries outside Europe might take of Ireland, countries that might be considering investing in Ireland? How do those on the "No" side believe Ireland would be perceived in the event of a "No" vote, given that Ireland is reliant on bailouts from the EU and IMF? What policies do those on the "No" side have to deal with political difficulties in the event of a "No" vote and to access to European Stability Mechanism funding if the EU economy is still under-performing and holding Ireland back? Voting "No" will not help Ireland's recovery. If the stability treaty is about anything, it is about ensuring the great mistakes of the past are not made again. It is about developing a sustainable, fair and people-focused economy in Ireland and throughout Europe in which public money is available for public services and job incentives rather than paying down debt.

I have also heard arguments asserting that Ireland should leave the European Union altogether. This would be political and economic madness. Ireland would then be completely isolated, the new currency would nose-dive in value compared with the main currencies of the world and we would end up in an economic maelstrom such as that Argentina and Russia have been subjected to in the past two decades. If Ireland were to go down this path there would be no money available to spend on public services. In all likelihood, Ireland would require the assistance of the IMF and another bailout, run by the IMF alone. It would be far more unpleasant than the current bailout. If the course advocated by the "No" side were followed it would result in no money for decent public services in the short term. Our hospitals and universities would have no funding. Hospital services would be curtailed and social welfare payments would be slashed. I have no wish to see these things happen. The programmes advocated by the "No" side are nothing short of economic lunacy. I support the treaty.

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