Joe Higgins (Dublin West, Socialist Party)

Many eminent economists take a very different view from that of Mr. McHale. These views, which are supported with facts, figures and actual projections, indicate that severe cuts and tax increases will be necessary to reduce the structural deficit to 0.5%. Does the Minister acknowledge that many aspects of these decisions and the implementation of the targets are being taken out of the hands of the Irish Government and placed under the control of the European Commission, which under article 3 of the austerity treaty will determine the size and pace of cuts?

Where will the Minister find the growth that he claims will do most of the heavy lifting when all the evidence shows that austerity here and in Europe is savaging growth? We experienced a decrease of 2.5% in GNP last year and the domestic economy slumped over the last two quarters of 2011. That process is likely to continue as long as the Government continues to pile cuts on the Irish people.

As a Member of the Dáil elected by the people of Limerick, is the Minister in any way disturbed by the increasing harassment and bullying of our people by all kinds of economic agencies? The people are told they must vote "Yes" irrespective of what the treaty contains or else they will be isolated by the speculators in the markets. They are thereby invited to divert our attention from the details of the fiscal compact treaty and its implications for our economy. Is that not a reprehensible situation?

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