Lucinda Creighton (Dublin South East, Fine Gael)

I will try to answer all the questions as quickly as possible. Both Deputy Daly and Deputy Collins referred to the 25 million unemployed people in the European Union. I do not dispute that there is a massive unemployment problem both in Ireland and many other European countries. However, it is not correct to state that we can continue spending money we simply do not have. It is just not possible. By saying that a "No" vote to austerity means the types of savings, cuts and tax increases that have happened and are happening will somehow not be required is not accurate. In fact, in saying "No" to austerity today one is potentially saying "Yes" to worse and more austerity in the future. While we all acknowledge the problem, we have a very different solution to it.

I do not accept that the reforms in this country are not beginning to work. I give credit to the late Brian Lenihan for the efforts he made to try to get our public finances under control during the last Dáil, but we are only half way there. There was a small sign of growth in 2011, at 0.7%, and it is anticipated that it will be similar this year. I wish that it were stronger, but we cannot work miracles. What we can do is try to be realistic and work within the parameters of the huge pressures on us in terms of the global downturn and particularly the European downturn, and the enormous challenge that poses for an export economy such as ours. If we are to believe that the solution is to send out a signal that we are not committed to our currency or that we do not want rules to govern that currency, that would be quite delusional and it would backfire.

With regard to the role of the ECB, I have a fundamentally different perspective from that of Deputy Daly. It is absolutely essential that we have a functioning financial and banking system. There is no way around that. Everybody wants the banks to lend and for credit to be made available to companies.

However, that will not be feasible in the absence of a robust and sustainable banking system and the role of the European Central Bank has been vital in this regard. The governing board of the ECB has taken a very strict interpretation of the treaty and of its capacity under the existing European treaties. I differ with its interpretation in this regard as I believe the ECB can do more. The Government is advocating that the ECB can do more and on this point, the Deputy and I are in agreement. While I could revert to the figure of €6 billion for 2015, I must reiterate it does not take into account the three-year transition period. Moreover, I do not accept the economy will not grow or there will be zero inflation for the next eight years.

As for Deputy Wallace's question on the Bundestag telling us what to do, this is not factually correct. Ireland will hold a referendum on this treaty and a robust debate on it is taking place. I disagree with the Deputy but I respect his right to make his point and to express his opinion, as I hope he accepts mine. This is the nature of the debate but the Irish people will make up their minds. No German citizen will make up their minds for them and nor will the Bundestag, as it is the Irish people who will make their decision. In their wisdom, they will make a decision, which I hope will be the outcome I advocate but it may not be. Consequently, I do not accept the point that we are being told or instructed what to do.

I already have dealt with the question from Deputy Joan Collins. On her point relating to the unions, the unions are split on this issue and a number of them have advocated a "Yes" vote, as is their entitlement. I travel around the country to meet representatives of chambers of commerce, as well as people from small and medium businesses, big companies and global investors, that is, from the entire spectrum. The vast majority of them - as in 99.9% - as well as all the business representative bodies, advocate a "Yes" vote to retain jobs and stability in the country and to keep investment flowing in. I do not believe these figures can be disputed because this is the fact.

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