Jimmy Deenihan (Kerry North-West Limerick, Fine Gael)

I would like to share time with Deputies Heydon, Griffin, Conlon and Humphries.

Ireland may be an island but our trade, currency, exports and workforce stretch far beyond our geographical boundaries. This is a small open economy. This is easily said, but to underline and understand this fact, we need to recognise that Ireland exports 80% of everything it produces. We also depend on the stability of the currency - the euro - which we share in a 17 country eurozone. However, our reputation as a trading and exporting country, as a business focused country and a good place in which to work and raise a family has been severely damaged in recent years. Today, we are dependent on international institutions to pay pensions and wages and to keep our hospitals, schools and other public services running. Ireland and the European Union need stability which is at the core of the new treaty which strengthens the rules that support the euro and introduces better national budget rules, with improvements in the way euro countries work together and support each other. This is vital for all of the European Union but especially for Ireland. A stable euro will build confidence, helping to recover and generate jobs.

The treaty gives Ireland an insurance policy, ensuring we will have access to money to fund public services and government spending, if we need it. The Government is determined to return to the financial markets next year to raise money on our own again, like we did before. We are on target to do this, but we must also recognise that we cannot control world events and the world economy. The markets need to know that there is a backup in the form of the European Stability Mechanism, which we can only access if we ratify the treaty on 31 May. There are major benefits for Ireland, but, of course, it is also in our interests that all European countries have access to the ESM, if they need it. and manage their budgets in a responsible way.

A supportive vote for the treaty on 31 May will not change Ireland overnight. It will not immediately eliminate the array of challenges the Government is working to resolve. However, support for the treaty will be an important part of the solution and a step forward for Ireland, the European Union and the eurozone.

I was in the United States and the United Kingdom in the past few months. I have also been in contact with people from all over the globe and the perception of Ireland is very positive. This is reflected in the amount of investment that has happened in recent weeks and the number of jobs created by foreign direct investment. The reason this is happening is confidence in the country is definitely improving among international investors, which is reflected in investment and the creation of jobs here. I am sure the people who will benefit from the 500 extra jobs in Apple are delighted this morning. This is not just a coincidence. Apple would not be making such a big investment were it not for the fact that it has confidence in the economy and how the Government is handling it.

At one time we were the shining light of Europe; then we were among those who nearly dragged it down. Now we are doing the right things and if we approve the treaty, it will send a very important signal from Ireland and Europe. The eyes of the world will certainly be on us. The European Union will go on without us, but internationally many will be looking to see how we handle the treaty. For that reason, the referendum is so important. I hope reason will prevail and that the recent introduction by the Government of charges, property taxes and so on will not cloud the debate and that people will look at the treaty separately from local political issues and vote for their futures. For those who are in receipt of various benefits, they should vote to protect them. Without this mechanism available to us in the future, it could have serious implications for all those who depend on the taxpayer to provide them with job supports or welfare benefits.

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