Dáil debates

Friday, 20 April 2012

Thirtieth Amendment of the Constitution (Treaty on Stability, Coordination and Governance in the Economic and Monetary Union) Bill 2012: Second Stage (Resumed)

 

12:00 pm

Photo of Paul ConnaughtonPaul Connaughton (Galway East, Fine Gael)

I thank the Chair for giving me the opportunity to speak in this important debate which will continue for the next six weeks.

A "Yes" vote in next month's EU fiscal treaty referendum will be a vital step in turning around the economic fortunes of the country. However, the treaty may be ten or 12 years too late. If the rules it will introduce had been in place at the time, we might not have the economic problems we face. However, we are where we are.

The treaty is vital for the future of the youth of the country because it is necessary to restore economic confidence and ensure Ireland's future place at the heart of the European Union. It is also crucial for all businesses where goods and services are traded internationally, particularly the agrifood industry, in respect of which rising export levels have provided a welcome good news story in recent months. The extent to which business leaders recognise the vital role a "Yes" vote to the treaty can play is evidenced by the fact that Chambers Ireland has stated it is vital in restoring confidence in Ireland and will support employment, as well as guaranteeing future access to the ESM, a crucial consideration in these times of international economic volatility.

The timing of the referendum could not be more crucial for Irish agriculture. Talks on the Common Agricultural Policy are taking place and due to conclude in the next 12 months. It is crucial that Ireland be seen to be at the heart of the European Union during this process. Irish negotiators have long held a significant position at these negotiations, working for the betterment of farmers such as those in the west, and their position will only be strengthened by the people demonstrating a commitment to working towards a stronger future within the the European Union. The fiscal compact treaty is about getting the European Union back on track. It is particularly important for Irish agriculture that Ireland be part of a strong trading bloc and a common currency.

The treaty is a small step in getting the European Union back on the right road and the European economy back on track. The best interests of the people will be served by a "Yes" vote. Our debate on such an important issue must not be sidetracked. The debate must focus solely on the fiscal compact treaty and what it means for Ireland. The treaty, unlike previous treaties, is relatively compact and a reiteration of our signing up to necessary economic safeguards.

We should not lose sight of the importance to Ireland of the European Stability Mechanism which has proved crucial in allowing Ireland to access funds to meet day-to-day spending, public service salaries, pensions and social welfare payments for the 436,000 people currently seeking work. Turning our backs on this fund at a time of unprecedented volatility in world and particularly European markets would be economic folly on an unprecedented scale.

I strongly advocate a "Yes" vote on 31 May and urge everyone, on all sides of the House, who wants to see Ireland at the centre of a strong common currency area and a solid trading bloc to support the treaty in the referendum.

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