Dan Neville (Limerick, Fine Gael)

The treaty itself is important. What we are asked to do is reduce the underlying Government deficit to no more than 0.5% of everything produced in the economy in any year. It asks for countries to abide by a common set of rules, but there is flexibility in times of crisis. When the economy weakens, the country can support spending and jobs by borrowing and when the economy grows strongly, the Government repays public debts.

The treaty also asks countries to bring, over a period of 20 years, their total Government debt, including money borrowed in previous years, down to a safe level of 60% of the total output and if countries are in exceptional circumstances, these rules are suspended and Governments can borrow more to support jobs.

If that formula had been in existence and honoured over the past 15 years, we would not be in the present crisis, we would not be cutting back services, we would not have our tax going abroad to service a debt to ensure a reduced level of services, we would not have our people leaving the country as is happening and we would not have the level of unemployment that we are sustaining. If the formula which this treaty puts into existence was in existence, we would not be in the present crisis.

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