Regina Doherty (Meath East, Fine Gael)

The economic and financial crisis that began in 2008 has, undoubtedly, resulted in one of the most pronounced recessions in the world economy since the 1930s. The new stability treaty constitutes a solid fiscal framework that would effectively discourage fiscal deviations and, eventually, lead to sound public finances. The treaty sets in stone a reinforced surveillance mechanism and makes provision for the co-ordination of economic policies. It will further strengthen fiscal discipline in the euro area. Commonly agreed fiscal rules will be inscribed in international legislation which, in turn, should help the eurozone to regain trust and credibility. These are the values that are fundamental in overcoming the economic crisis.

To a large extent, there is also a crisis of confidence. Consumers, businesses and markets are uncertain what the future will bring. This has serious consequences for growth prospects owing to its effects on both investments and consumption. Bringing public deficit and debt ratios back to a sound and sustainable path through credible fiscal strategies is a precondition for restoring confidence and, thereby, stimulating growth. Crucially, a "Yes" vote will mean Ireland will be able to gain access to the permanent bailout fund, the European Stability Mechanism.

This week the Taoiseach said the advantage of ratifying the treaty with a strong "Yes" vote was a continued insurance policy for Ireland. A "Yes" vote will also provide a guarantee that no Government will ever run riot with either the people's fortunes or money. Instability and uncertainty have affected every citizen and the treaty gives us the opportunity to put in place new limits on public debt and budget deficits, providing stability for Ireland's domestic finances and across the eurozone.

The week the American Chamber of Commerce Ireland stated the perspective of US multinational investors in Ireland was that a "Yes" vote would promote stability, investment and growth in the economy. By voting "Yes" we will maintain our position as an attractive location for investment, continue to put in place the necessary economic and budgetary reforms and preserve our strategically important place in the European Union. A "Yes" vote will reassure international investors that Ireland is dealing with its fiscal problems and stabilising its economy and help to protect the country as a location for foreign investment. Under the Government, the country has a plan for recovery. The stability treaty is a further step in the right direction, generating momentum in the economy to drive growth. The country must restore its confidence; it needs the treaty. Therefore, it must vote "Yes".

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