Enda Kenny (Mayo, Fine Gael)

As I have noted, with every decision we must carefully consider if it will move us forward or hold us back. That means we must enter into a serious and honest analysis of our position if we decided not to ratify this treaty. I have heard voices from inside and outside the House who, in urging a "No" vote, have deliberately and disingenuously played down the serious consequences of their proposals. They are doing the Irish people an enormous disservice. If Ireland remained outside the new arrangements, we would be the only euro area country to do so; although we would not be pushed from the euro, we would marginalise ourselves. There should be no doubt that this treaty will enter into force when 12 countries using the euro ratify it. There can be no question of preventing others from moving ahead without it, and the train will leave on 1 January next year.

Much has been made about the link between the new treaty and the ESM, and I am sure we will hear a great deal more about that in the debate ahead. It is logical that those prepared to offer financial support to others in a time of difficulty should be assured that those receiving it are prepared to run sound and sensible budgetary policies. I want Ireland to have the same access as other countries to the insurance policy of the ESM, which is a critical reassurance for investors and potential investors. The link between the new treaty and the ESM is quite logical but it makes the decision to be made on 31 May particularly serious.

The Government has made clear its intention to take Ireland from the programme it is in currently and back to borrowing on the open markets as soon as possible. For that to happen, we must continue to make the necessary adjustments at home. We need enhanced stability and a return to growth across Europe. Beyond that, we need to be able to convince those considering lending to or investing in Ireland that their money will not be at risk. I do not believe Ireland will need access to the European Stability Mechanism. However, saying this is wholly different from saying we can appear credible to the markets without access to some backstop. Having access to the ESM makes it less likely we will need such access. Locking ourselves out of it makes our case much more difficult to make. This is not a time for needless risk.

A moment of true consequence lies ahead for the people on 31 May. It is not an exaggeration to state the world will be watching. In deciding that the State can ratify the new treaty we will send a signal that will resonate well beyond these shores. It will send a strong, positive and confident message that Ireland is moving forward, tackling its economic problems, staying where it wants to be, that is, at the heart of Europe and in the mainstream of European development and progress, committed to a strong and stable euro and playing its part in bringing that about. It will say Ireland is a place where people can invest and create jobs with confidence and certainty and a country where future Governments will take prudent and sensible decisions and will not take risks with the well-being of the people. That is the true voice of people and the one I want to hear on 31 May. There is only one positive choice, that is, to vote "Yes" to investment, stability and recovery.

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