Arthur Spring (Kerry North-West Limerick, Labour)

I will do my best. The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union is the proper title of what we are discussing. It is more commonly known as the stability treaty and this is an apt name. I have heard many of the contributions on the Opposition benches, although few have been reckless enough to support those in the "No" campaign, who claim this is an austerity programme and treaty. They should remind themselves that it applies throughout Europe and that 25 of 27 countries have ratified it. The majority of the people in these countries are not in austerity programmes. Therefore, one must conclude that the language is completely inaccurate and they are using it for the purposes of their political gain.

Three issues are at stake. First is confidence in the currency. Second is an insurance policy were things to go further wrong for our country or the currency.

The third point to bear in mind is that we are seeking a solution to the problems that present. Some people seem to be taking an approach much like in the television advertisement where the person is wishing the television licence would pay itself. That is not going to happen. We must take the bull by the horns in order to address the problem. The reality is that the euro, the currency in which we engage in all the activities of daily life, is in a severe crisis and is being watched closely by the markets and the rating agencies. None of us could have envisaged that the crisis would reach this point. It is worth noting, for the benefit of the young students in the Visitors Gallery, the origins of the European project. It emerged in the aftermath of the Second World War, during which the Continent tore itself apart. In the years following that terrible failure of political engagement, it was agreed that the way forward was through trade, partnership and the establishment of common goals and purposes. From its beginnings in the Marshall Plan the Union has developed into an association that has enhanced trade and secured peace and stability for the nations of Europe.

I was originally opposed, for various reasons, to the establishment of a common European currency. I was privileged enough to be studying economics in Sweden at the time, under an eminent professor, Bo Södersten, who pointed out the problems he foresaw with the euro. I only wish I had been in a more influential position back then because Sweden, with all good knowledge, decided not to go into the euro and has since protected its capacity to grow. What we are talking about here is intergenerational debt. People older than I who sat in this Chamber have destroyed our economy and burdened me and my contemporaries with enormous debt. I do not want to see the next generation of Irish people burdened with the same debts. Looking at the treaty from this perspective, its promotion of prudence, good housekeeping and responsible fiscal policy are clearly to be welcomed. It is about hard work and ownership, and the hard work must be done by those with the bigger muscles and who are most capable of doing it.

It is important to clarify that nothing in this treaty will supersede our agreement with the troika. Before seeking external assistance, most of us associated the IMF with basket case economies in sub-Saharan Africa and South America where people were at war with each other. Now it is we who have lost our financial sovereignty and independence, with outsiders dictating to us what must be done if they are to continue lending us between €45 million and €50 million on a daily basis so that we can keep our schools and hospitals going and get on with civilisation as we know it. The treaty is about a commitment to the future in which our sovereignty is restored and a better standard of living is guaranteed for all members of our society.

As a Government, it is very difficult for us to put in place policies that are not populist. However, we are putting the needs of the country ahead of that of the political party. It would be easier to sit on the Opposition benches and ignore our responsibilities for the purposes of political gain.

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