Brian Walsh (Galway West, Fine Gael)

I thank the Acting Chairman, Deputy Mathews, for affording me the opportunity to contribute briefly to the debate on this important Bill. No doubt this is one of the most important pieces of legislation which has come before the House during my brief time as a Member.

On 31 May we will seek direction from the people as to the course this country must navigate, not only during the lifetime of this Government but for that of many generations to come. As we embark on the campaign ahead of the vote next month, it is important that we foster reasoned debate and engage with the electorate in a responsible manner, not on the basis of empty rhetoric or misinformation.

What is at stake in this referendum is far too important to constitute a playing field for self-interested partisan political games, and yet elements of the Opposition - we heard it here today and yesterday - have already begun propagating untruths in an effort to mobilise against this treaty the very sections of society that stand to suffer most if the treaty, and its safeguards and assurances, are rejected.

It was interesting to hear earlier Deputy Mac Lochlainn refer to this as an austerity treaty. If Ireland does not have access to the ESM which would severely weaken our ability to borrow funds in future at affordable interest rates, and if the Government is unable to borrow these funds, the budget deficits that we incur, most likely, would have to be eliminated immediately through cuts in public expenditure and an increase in taxation. In a way, rejecting the treaty could lead to even more austerity and job losses than accepting the treaty.

It has also been falsely claimed, for instance, that the stability treaty represents a further concession in our sovereignty to the European Union. I agree in certain respects in that regard because it compromises our sovereign ability to be reckless and to be irresponsible, as has been demonstrated by previous Administrations. It is simply a solemn agreement among independent democratic states to conform with principles of fiscal rectitude and good governance for the good of their people.

The concept that fiscal and economic criteria must be adhered to by member states of the European project is nothing new. We saw it in Maastricht and in the six pack reforms which were introduced last year. We have seen it on a number of the treaties that have already been approved. Given our calamitous recent economic history, no nation more than the Irish should appreciate the potential benefits of enforceable fiscal guidelines that this treaty will introduce.

The auction politics engaged in by our predecessors have seen Governments espouse reckless unsustainable policies with a view only to the next general election and with a view to a return to office in subsequent elections. State coffers have been grievously abused in order to purchase short-term electoral success without the slightest regard for the long-term national interest.

Far from benefitting from these give-away budgets, it is the taxpayer who is now paying the price. The nation's purse has been bled dry and the politicians who emptied it have retired from this House on their colossal pensions with the exception of a notable few, Deputy Martin and my constituency colleague, Deputy Ó Cuív. It is difficult to assess where Deputy Ó Cuív stands in this regard - his comments yesterday would suggest he is opposing it.

Perhaps, if these controls were in place when Deputies Martin and Ó Cuív were sitting around the Cabinet table, we would not find ourselves in the position that we are today. The disastrous economic policies pursued by the previous Administrations would have been flagged early in the form of the macroeconomic imbalances that would have shown up had these controls been in place.

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