Peter Fitzpatrick (Louth, Fine Gael)

I welcome the opportunity to discuss the European Communities (Amendment) Bill 2012. It is particularly apt to be discussing a European Bill following the recent adoption of the fiscal treaty by the Irish people. The relief among my constituents is palpable. I was in Drogheda on constituency work this morning and it is fair to say people were delighted the referendum was passed. An air of confidence is starting to creep back into society. People believe the Government has taken some hard decisions for the good of the country.

Honesty of endeavour and hard work is what the country needs. Tough decisions have been taken, but the Government was not elected to take the easy options or to avoid issues and pander to the masses in a popularity contest. The Government was elected to put Ireland firmly back on the road to economic recovery. That is what we are doing. People recognised that passing the fiscal treaty was part of that process and voted strongly for it. The Irish electorate are intelligent and sophisticated voters. They do not stand for mediocrity and demand the best from their elected leaders. By passing the treaty, they have endorsed the Government's actions.

Last weekend in Collon, I was reminded there had been a fall in the yield on Irish two-year bonds in reaction to the "Yes" vote. This is the type of reaction that is required. That the markets reacted positively is a clear sign the "Yes" vote has been welcomed. I do not mean welcomed for the sake of it, as markets are anything but sentimental. Rather, the vote put Ireland on a sound footing and removed a great deal of uncertainty. As we all know, markets do not like uncertainty. They have also voted, in that they have reduced Government bond yields, which is a strong endorsement of the Irish Government and people for backing the fiscal treaty.

Last week while canvassing in Dundalk, there was a constant and simple message from my constituents. While they did not like on a personal level many of the decisions that had been taken, they realised those decisions had been taken for the good of the country. As a result, they understood and respected the decisions. They realised taking a tough decision now would ensure a better future.

Dundalk and the greater Louth area have seen an upsurge of international companies locating there since the formation of this Government. It is not a coincidence. Those companies can now plan more confidently for the future and new companies looking to locate in Ireland will be greatly encouraged by the decision of the Irish people. The veil of uncertainty has been lifted and Ireland is firmly on the road to recovery.

The purpose of this Bill is to amend the European Communities Act 1972 to provide for a number of measures to form part of the domestic law of the State. One is the amendment to Article 136 of the Treaty on the Functioning of the European Union, which provides a legal underpinning to the European Stability Mechanism, ESM. The other is a protocol on the temporary adjustment of the number of MEPs. I have no hesitation in commending this Bill to the House.

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