Micheál Martin (Cork South Central, Fianna Fail)

The time for monitoring has passed. For the last 12 months I have been calling for many of the measures I have outlined, as have many analysts in Europe and elsewhere. That decisive action is necessary now on a more fundamental level to deal with the crisis. In that context, in every conceivable scenario, the passage of the fiscal treaty is essential. No one disagrees with the need for the balanced fiscal rules as contained in the treaty or to provide for safe and definite access to funding for this country to fund public services in 2014 and 2015. That is essential; we do not need to add to the uncertainty. We do not need to undermine external confidence in the country and thereby undermine potential investment. We do not need the rise in bond yields that a "No" vote would occasion. Ireland should be bringing to the table more urgently the absolute necessity to do something radical and urgent to turn around the story in Europe, with our European colleagues. This involves the mandate of the European Central Bank and also significant transfers to countries with high debt and unemployment levels, as well as significant investment in shovel-ready infrastructural projects. We want a commitment from the Taoiseach and an understanding that that is the Government's position as we enter a crucial two weeks of negotiations. In my estimation, Europe has one month in which to sort this out to prevent something no one wants from happening.

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